Tax Effects of Inheritances

Some common questions we hear from our clients who received or are receiving inheritances are:

• Do I need to pay any tax for the inheritance?
• How much can I inherit without paying tax?
• What Inheritance tax exemptions can be applied to me?
• What states impose an inheritance tax? What are the tax rates?
• What is my basis in the assets that I inherit?
• How much tax do I have to pay on the gain when I sell the inherited assets?
• Is there a way to avoid inheritance tax?
• Instead of inheritance, will I have to pay tax if it is a gift?
• If the inheritance is from a non-US person, what are the US tax effects? 
• If I am a non-US person, what filings do I need to handle for my US relative?

Contact Dimov Tax team with the form below today if you have any questions about the inheritance.