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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 Indiana, there is no longer an inheritance tax. The state's inheritance tax was fully repealed effective January 1, 2013. Prior to its repeal, Indiana did impose a tax on certain inheritances, which varied depending on the relationship of the inheritor to the deceased. However, since the repeal, beneficiaries in Indiana do not have to pay state inheritance tax on property they inherit, regardless of their relationship to the deceased. It's important to note that this is separate from the federal estate tax, which is a tax on the transfer of the estate of a deceased person, not on the individuals who inherit the property. The federal estate tax exemption is set at a level that excludes most estates from owing any estate tax.

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Taxes

inheritance tax

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Taxes

inheritance tax