Hi gander2694,
Thank you for your question today!
The federal government doesn't have an inheritance tax. The six states that impose an inheritance tax are:
- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania
Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency. The tax rates on inheritances can range from less than 1% to as high as 20% of the value of property and cash you inherit.
I hope this answer is helpful!
Have a blessed day!
Eric
