clipped from: harborfi.typepad.com What Is An Inheritance Tax And When Is It Applied?
When an individual passes on, the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars.
The federal government is still likely to tax an estate even if all or a portion of the estate is being handed down to other family members. Instead of imposing an estate tax in this situation, there many states that impose an inheritance tax.
You can use the free tax estimator provided by Turbo Tax Online to calculate your inheritance taxes this year.