Asked 5/4/2011
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Who has to pay Inheritance Tax? ? Who has to pay Inheritance Tax? ? |
Answer 1/2 - Submitted 5/4/2011
Answer 2/2 - Submitted 5/4/2011
The recipient of the inheritance pays the tax. With that said, there are certain caveats to go with that statement. Many states have inheritance taxes, and because of this, there are different rules in each state. In most states, the amount of the inheritance and the relationship with the deceased, make a difference in the amount of tax. Surviving spouses normally pay no tax, children & grandchildren receive larger exemptions than those who are not direct descendants .
Inheritance taxes are not to be confused with estate taxes, which the estate pays.
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