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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 Minnesota, there is no inheritance tax imposed on individuals who inherit property from a deceased person. Instead, Minnesota has what is known as an estate tax, which is a tax on the estate of the deceased before the property is distributed to the heirs. The estate tax applies to estates that exceed a certain value threshold, which is subject to change over time. As of the knowledge cutoff in 2023, the federal government does not impose an inheritance tax, but it does levy a federal estate tax on large estates. It is important for individuals dealing with inheritance matters in Minnesota to consult with an attorney to understand the potential tax implications and ensure compliance with estate tax laws.

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Taxes

inheritance tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Minnesota State Code

Taxes

inheritance tax

Minnesota State Code

Articles