Search results
Jan 17, 2023 · State inheritance tax rates range from 1% up to 16%. Inheritance tax usually applies when a deceased person lived or owned property in a state with inheritance tax. Surviving spouses are always exempt. Inheritance tax returns are usually due within one year and some states offer discounts for filing earlier.
Mar 9, 2022 · The maximum federal estate tax rate is 40 percent on the value of an estate above that amount. The higher exemption will expire on Dec. 31, 2025. Find Your State's Tax Guide
Nov 14, 2022 · Only six U.S. states levy an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Six states collect a state inheritance tax as of 2022, and one of them—Maryland—collects an estate tax as well. The chart below shows the 2022 estate taxes for 12 states and the District of Columbia, as well as the exemption amount.
Oct 10, 2023 · Estate Tax Rates Inheritance tax Rates; Connecticut: $12,920,000 : 12%: Hawaii: $5,490,000 : 10.0% - 20.0%: Illinois: $4,000,000 : 0.8% - 16.0%: Iowa: 0-6%: Kentucky: 0-16%: Maine: $6,410,000 : 8.0% - 12.0%: Maryland: $5,000,000 : 0.8% - 16.0%: 0-10%: Massachusetts: $2,000,000 : 0.8% - 16.0%: Minnesota: $3,000,000 : 13.0% - 16.0%: Nebraska: 0 ...
Dec 18, 2023 · As you can see, there are only six states with inheritance taxes. Overall, inheritance tax rates vary based on the beneficiary’s relationship to the deceased person.
Jun 21, 2022 · Explore 2022 state estate tax rates and state inheritance tax rates. Compare estate tax rates by state and inheritance tax rates by state In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax.
Oct 23, 2023 · Iowa: 2% to 4% Kentucky: 4% to 16%
