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In most states with an inheritance tax, spouses and immediate family of the deceased are exempt from inheritance tax. ... Nebraska, New Jersey and Pennsylvania. State inheritance taxes range ...
For instance, in Pennsylvania, direct descendants (children, grandchildren) pay a 4.5% tax, siblings pay 12% and more distant heirs or unrelated inheritors pay 15%.
The rate is 11% for assets valued over $40,000 left to remote family and 15% for assets worth more than $25,000 left to anyone else. Pennsylvania does not tax the inheritance of spouses and ...
Finland: perintövero (Finnish) or arvsskatt (Swedish) is a state tax. Inheritance to the close family is tax free up to the worth of €20,000, and increasing from there via several steps (for instance, being 13% for €60,000–€200,000) to the maximum of 19% that must be paid for the portion of the inheritance that exceeds one million euros.
The caption for section 303 of the Internal Revenue Code of 1954, enacted on August 16, 1954, refers to estate taxes, inheritance taxes, legacy taxes and succession taxes imposed because of the death of an individual as "death taxes". That wording remains in the caption of the Internal Revenue Code of 1986, as amended. [88]
The Pennsylvania Department of Revenue (DOR) is an agency of the U.S. state of Pennsylvania. The department is responsible for collecting all Pennsylvania taxes, including all corporate taxes and taxes on inheritance, personal income, sales and use, realty transfer, motor fuel, and all other state taxes. [1]
Nebraska has one of the widest ranges of inheritance tax rates, with immediate family members like children being charged just 1% on the portion of the inheritance exceeding $40,000, up to non ...
That meant that only aggregate gifts and bequests to grandchildren or younger beneficiaries (or generation-skipping trusts) in excess of $3,500,000 (potentially $7,000,000 for a married couple acting in concert) would be subject to the GST tax. In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was briefly repealed.
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