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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 North Carolina, there is no state-level inheritance tax. The state repealed its inheritance tax, also known as the estate tax, effective January 1, 2013. Therefore, individuals who inherit property from someone who was a resident of North Carolina or owned property in the state are not subject to state inheritance tax. However, it's important to note that this does not affect the federal estate tax, which may apply to large estates. For federal tax purposes, estates exceeding a certain threshold in value may be subject to estate tax before the inheritance is distributed to the beneficiaries. As of the knowledge cutoff date, the federal estate tax exemption is significantly high, meaning only very large estates are typically subject to the tax.

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Taxes

inheritance tax

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

Articles

North-Carolina State Code

North-Carolina State Code

Taxes

inheritance tax

Articles