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Yes, won't somebody think of that poor family on hard times inheriting an estate worth more than 12 million. How could we ask them to pay taxes?
by malfist 4y ago
Yes, won't somebody think of that poor family on hard times inheriting an estate worth more than 12 million. How could we ask them to pay taxes?
- lozenge 4y agoIt's any estate worth less than 12 million.
- malfist 4y agoNo. The estate tax doesn't start until the inheritance is over $12 million. So they have to inherit a $12m estate before they're taxed, if it's less, no estate tax. And they don't pay taxes on that $12m if they're over the $12m, only the amount that it's over that $12m. If it's worth $12,000,001, they pay taxes on only $1. Sources: https://www.forbes.com/sites/ashleaebeling/2021/11/11/new-higher-estate-and-gift-tax-limits-for-2022-couples-can-pass-on-720000-more-tax-free/?sh=ef89796174f7 https://www.forbes.com/sites/ashleaebeling/2021/11/11/new-hi...