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You may owe taxes on an inheritance
Source:
marketwatch.com
- Sep 6, 2017
Most of the time, only big estates feel the bite of taxes — odds are you won’t have to pay them. But there are exceptions, and the specifics of your inheritance situation can dramatically change your tax bill.
Estate taxes vs. inheritance taxes
Estate taxes and inheritance taxes are two different things. Estate taxes are paid out of the deceased’s estate, and inheritance taxes come out of the beneficiary’s pocket. One, both or neither could be a factor when someone dies.
Estate taxes
An estate tax is a tax on the right to transfer property when you die. The IRS exempts estates of less than $5.49 million from the tax, so few people actually end up paying. Plus, that exemption is per person, so a married couple could double it, for an exemption of $10.98 million.
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Category: General Business
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