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www.reference.com/article/inheritance-tax-9a5a5f133ebbaa94

An inheritance tax is a tax paid by heirs or beneficiaries of an inheritance, according to Investopedia. An inheritance tax rate depends on the value of the asset received or the relationship to the descendant.

www.reference.com/article/inheritance-tax-work-6d40520e982372ed

The inheritance or estate tax is a tax on the right to transfer property at the owner's death. The estate's executor or administrator takes an accounting of everything the decedent owned on the date of death, using fair market value. This is the "gross estate" and if, for 2014, it plus any prior tax

www.reference.com/article/states-state-inheritance-tax-c5263951abeca707

Six states have state inheritance taxes as of 2015. Iowa, Kentucky, Nebraska and Pennsylvania have inheritance taxes only, while Maryland and New Jersey have both estate taxes and inheritance taxes.

www.reference.com/article/taxes-inheritance-determined-77b9f7963372491e

The estate, or inheritance tax, is the tax on the right to transfer assets at the time of the owner's death, the IRS explains. The estate's administrator or executor prepares an account of every asset the decedent owned on the date of his death using the current fair market value. This is the gross

www.reference.com/article/inheritance-tax-rates-state-aba3f71e028da406

On its website, the Tax Foundation provides a map of inheritance tax rates by state as of the year 2014. There are six states in the United States that use an inheritance tax, the rates of which vary from 0 to18 percent depending on the size of the inheritance.

www.reference.com/article/calculate-inheritance-taxes-2a9028bc935a78b4

People calculate inheritance taxes on the portion of the estate that they receive by subtracting the state's exemption and then multiplying the remainder by the state's applicable tax rate, as TurboTax instructs. Some states require the executor to file a single inheritance tax return for the entire

www.reference.com/article/include-inheritance-federal-taxes-4d9a5889396e7f2c

In most cases, an inheritance is not included on the recipient's federal tax filing, according to the Internal Revenue Service. Some circumstances, such as when inherited property produces taxable income or when the inheritance is the income from property, require federal taxation.

www.reference.com/article/inheritance-tax-rates-different-state-78f7c6bc85897139

As of 2015, only six states have an inheritance tax, which taxes heirs based on their relationships to the deceased. Tax rates range from 0 to 10 percent in Maryland; from 0 to 15 percent in Iowa and Pennsylvania; from 0 to 16 percent in Kentucky and New Jersey; and from 0 to 18 percent in Nebraska.

www.reference.com/article/estate-inheritance-tax-354459941f1f5bd5

While often used interchangeably, state tax and inheritance tax represent two distinct types of death taxes. An estate tax is a death tax levied on the estate whereas an inheritance tax is imposed on the heir who receives the estate.

www.reference.com/article/inheritance-affect-federal-taxes-2ef8f725a8491f2b

The general rule regarding inheritance is that the beneficiary does not pay any federal income tax on the money he inherits as of 2015, according to Intuit. However, the federal government may tax the estate of the deceased if the value exceeds the Internal Revenue Service limits.