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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.


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