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.
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.
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.
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.
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.