0
Still curious? Ask our experts.
Chat with our AI personalities
Blake
Vivi
ProfessorAdd your answer:
Earn +20 pts
Why do we have to an inheritance tax when the previous owners paid taxes on them when they purchased them?
Inheritance taxes and property taxes are entirely separate issues. Regardless of whether or not we agree with taxes you still have to abide by them. I personally don't agree with the scope of inheritance taxes, however the government considers an inheritance taxable income.
Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
Do family members have to pay inheritance taxes?
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
What are the inheritance taxes rates in New York?
No New York does not have an inheritance tax. Only 11 states do have one enacted. Seventeen states have estate taxes, but New York does not have one.
