Jul
17
I Received an Inheritance. How Is This Money Taxed?
How your inheritance is taxed will depend on your relationship to the deceased and other factors. The amount of federal estate tax typically is determined by the amount of assets within the estate and your relationship to the deceased. Spouses and Nonspouses Spouses typically may inherit an unlimited amount of assets free of federal estate taxes. Estates bequeathed to nonspouses, in contrast, may be subject to federal estate taxes and state inheritance taxes depending on the level of assets within the estate. For nonspousal heirs, in 2014, the federal estate tax is levied at a maximum rate of 40% after a $5.34 million exclusion. For estate tax purposes, heirs typically value assets at the fair market value on the date of the...
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