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Inheritance taxes don't kick in until $11.5 million.
by xxpor 6y ago
Inheritance taxes don't kick in until $11.5 million.
- chrisweekly 6y agoWhere did you get that number? As the executor of my father's estate, I can attest to paying taxes based on a much lower threshold.
- Godel_unicode 6y agoGp is talking about at the federal level, where that is indeed the number. You probably had to pay state taxes, those have much lower limits in some states.
- sroussey 6y agoIt doubled a couple years ago, which was temporary, so will halve in a few years time. That will catch people unaware.
- nullc 6y ago2020/2021 are good years to die, tax wise. Covid19 is doing the taxpayers a solid. :-/
- throwaway0a5e 6y agoMy state taxes inherited out of state real property at an absurd rate (I wanna say 20%, might be 15, in any case, that's a big chunk of change). In practice it's just a big f you to anyone who's parents live out of state and die owning their home and didn't have the foresight to put it in trust or sign it over to the kid(s) prior to dying. There is no justifiable purpose for this tax other than revenue. Property out of state has zero cost to the people of the state. It's a pure money grab and it's only affecting the middle class (because anyone who can justify the cost of estate planning will not be subject to this tax). Edit: I'd be curious to see why people find this comment so disagreeable? Or is it just ideologically inconvenient to point this stuff out?
- Ancapistani 6y ago> There is no justifiable purpose for this tax other than revenue. Isn’t this the alleged purpose for all taxes?