What is Inheritance Tax?

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What Is Inheritance Tax?

Inheritance tax Brooklyn NY requires that beneficiaries pay taxes on assets they inherited from someone who has passed. This type of tax is also known as estate taxes or death taxes, despite differences of property value.

What States Impose Inheritance Tax?

Not all states impose inheritance taxes. Even if you don’t live in one of these states, if the person who passes lived in one of them, you can still be subject to inheritance taxes.

  • Maryland
  • Nebraska
  • Kentucky
  • New Jersey
  • Pennsylvania
  • Iowa

Who Pays for Inheritance Tax?

Spouses are exempt from inheritance tax. As mentioned previously, only those who are beneficiaries of the assets, and either are in or acquired assets from someone who was in one of the imposing states, will have to pay the inheritance taxes.

How Much Is Inheritance Tax?

The amount of inheritance tax Brooklyn NY paid depends on the state imposing the tax. Every year the percentage owed can change, so you would want to check back regularly to stay aware of the amount you’re required to pay.

  • Pennsylvania: 4.5% – 15%
  • New Jersey: 0% – 16%
  • Nebraska: 1% – 18%
  • Maryland: 10%
  • Kentucky: 4% – 16%
  • Iowa: 5% – 15%

Contact Tax Town Brooklyn, a tax preparation and payroll Brooklyn NY company, to get more information on inheritance tax or other CPA, income, or corporate tax situations.

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