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inheritance tax

An inheritance tax is a tax imposed on a person who inherits property from a deceased person. There is no federal inheritance tax, but some states have an inheritance tax.

In the state of Colorado, there is no inheritance tax imposed on individuals who inherit property from someone who has passed away. This means that beneficiaries in Colorado do not have to pay a state tax on the property they receive as part of an inheritance. It's important to note that while there is no federal inheritance tax, there is a federal estate tax, which is a tax on the transfer of the deceased person's property. However, the estate tax only applies to estates exceeding a certain value threshold, which is adjusted annually for inflation. As of the knowledge cutoff in 2023, the federal estate tax exemption is quite high, meaning that most estates will not be subject to the tax. Beneficiaries should still be aware of other potential tax implications of an inheritance, such as capital gains tax, which may apply to the sale of inherited assets.

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Taxes

inheritance tax

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Colorado State Code

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Taxes

inheritance tax

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