Hello,
Typically, the estate will pay any estate tax owed, with the beneficiaries receiving assets from the estate free of income taxes . There are exceptions to retirement assets like IRAs and 401(k)s. As a beneficiary, if you later sell or earn income from inherited assets, there may be income tax consequences.
I hope this answers you question.
There are six states that have an inheritance tax. The six states that impose an inheritance tax are Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.
Each has different rules and limits.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
