Thank you for allowing me to answer your interesting question. Tax
questions are a lot like legal and medical questions. We have to walk
a fine line here with regard to tax questions because we don?t want to
overstep our bounds when it comes to what we can advise and what we
cannot. The best we can do in answer to your question is to provide
you with published information about situations similar to yours. It
would certainly be in your best interest however to speak to an
accountant or other licensed authority about the intricate details
concerning tax law in your state, and I highly recommend you consider
?Inheritance taxes are separate from estate taxes imposed by the
federal government and many states.
The Internal Revenue Service collects the estate tax on all U.S.
citizens and residents. The tax is levied on the deceased's estate as
a whole, filed on a single estate tax return and paid out of the
estate's funds. The U.S. government imposes no inheritance tax.
States, however, may impose an inheritance tax on beneficiaries who
receive property from the deceased. These taxes are assessed by states
in place of or in addition to state and federal estate taxes. The tax
is calculated separately for each beneficiary, and each beneficiary is
responsible for paying his or her own inheritance taxes.?
Taxes can be a very serious and complicated issue, especially when
inheritance is factored into the mix. To see if your state levies an
inheritance tax, and approximately what those taxes might amount to,
check Bankrate's state tax pages.
I hope you find that my answer exceeds your expectations. If you have
any questions about my research please post a clarification request
prior to rating the answer. Otherwise I welcome your rating and your
final comments and I look forward to working with you again in the
near future. Thank you for bringing your question to us.
Tutuzdad-ga ? Google Answers Researcher
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