| ItsJoan NotJoann <itsjoannotjoann@webtv.net>: May 19 01:24PM -0700 On Tuesday, May 18, 2021 at 2:50:29 PM UTC-5, gggg gggg wrote: > https://turbotax.intuit.com/tax-tips/estates/4-ways-to-protect-your-inheritance-from-taxes/L653s0Kyn No inheritance tax in my state; it's one of six (6) that does not have this tax. |
| gggg gggg <ggggg9271@gmail.com>: May 18 07:46PM -0700 Is there one? What if a person has been living in their parents' home and their parents die and they inherit the home? When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes? 20%? 30%? 40% More? |
| John Weiss <jrweiss98155@comcast.net>: May 19 06:43AM -0700 On 05/18/21 19:46, gggg gggg wrote: > What if a person has been living in their parents' home and their parents die and they inherit the home? > When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes? > 20%? 30%? 40% More? 0%. The estate pays estate (inheritance) taxes, not the recipients. Federal exemption on inheritance taxes is over $5 Million. State exemptions may be less, though (e.g., $2 Million in WA). |
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