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Frequently Asked Questions

What is the current estate tax limit, rate, and exemption?

The first is the federal estate tax exemption. Since 2018, estates are only taxed once they exceed $11.7 million for individuals; $23.4 million for married couples, at a top rate of 40% . (The value of a primary home is exempted up to $250,000 for individuals and $500,000 for married couples.)

Is your inheritance considered taxable income?

Inheritance income is taxable income received from an inheritance. Inheritances are treated specially under tax law, and not all aspects of an inheritance will be subject to income taxes. Exceptions include inheritances over a certain amount, as well as inheriting specific types of accounts, like retirement accounts.

What is federal tax rate on inheritance?

The federal income tax inheritance or estate tax is set at a maximum rate of 55 percent. This is on amounts received in inheritance from a deceased person’s estate that is in excess of the amount that is permitted to be deducted from the value of the gross estate value. This includes any gifts and other exemptions up to $2,000,000.


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