Do I Have To Claim An Inheritance On My Taxes ?  

        Estate or inheritance tax becomes payable only when the value of the estate exceeds these amounts. In such a situation it is not incumbent on a beneficiary to claim the inheritance on his or her tax return. But the basis for this is the date of transfer or the date of death of the deceased.

If the value of investments increased by over $600 since date of death, it is incumbent on the trust to file an income tax return. The onus of filing such return will rest with the administrator of the trust. It is for the administrator to ensure that taxes on the estate if any are first remitted to the IRS before distribution to beneficiaries.More...


Can I Legally Avoid Inheritance Tax In The Us ?

Can I Legally Avoid Inheritance Tax In The Us

The estate tax in the US is a tax that is imposed on transfer of property of a deceased person. It could be through a will or according to state laws. It is one part of the Unified Gift and Estate Tax. The other part, the gift tax, is tax imposed on property that is transferred during a person’s life. Gift tax prevents evasion of estate tax.More...



What States Have Inheritance Tax ?

What States Have Inheritance Tax

In some states in the US, inheritance tax is the tax imposed on the beneficiary of an estate. The tax payable is assessed only on that portion of the estate which the beneficiary inherits. There is a subtle difference between inheritance and estate tax. Estate tax refers to a levy on the entire estate, payable before distribution of assets.More...


Democratic Repeal Of Inheritance Tax

Democratic Repeal Of Inheritance Tax

On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001. Among the many changes to the tax laws is the so-called Estate Tax repeal. The 2011 the tax law is scheduled to completely revert to its status prior before the enactment of the Estate Tax repeal. The repeal encompasses a host of taxes among them Estate tax which is slated to be completely repealed in 2010.More...


Federal Tax Inheritance Law

Federal Tax Inheritance Law

Depending on your place of residence, the tax code may refer to inheritance tax, estate tax and even death duty. In the US, there is a difference between inheritance tax and estate tax. Inheritance taxes are levied on the beneficiaries of an estate; estate taxes are levied on the estate of the dead person. In other places of the world, the terms inheritance tax and estate tax are used interchangeably.More...

My Inheritance Is All Going To Taxes

My Inheritance Is All Going To Taxes

Inheritance tax, estate tax, or death tax is the tax the government applies to the estate of a deceased individual when the value exceeds a certain amount. It is applied regardless of whether the estate or part thereof is willed to another person or persons. For taxation purposes, the taxable value of the estate is the ‘gross estate’ which may include more than what the individual owned at time of death.More...





What is inheritance tax ? - My inheritance is all going to taxes

What-Is-Inheritance-Tax      Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual. It is a tax on the estate, or total value of the property and money of a person who has died. The total value of the property is first established to determine the quantum of inheritance tax. More..




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What is inheritance tax ? - My inheritance is all going to taxes )
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