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 New York, there is no inheritance tax imposed on individuals who inherit property from a deceased person. While some states in the United States do levy an inheritance tax, New York is not one of them. However, it is important to note that New York does have a state 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 exceeding a certain threshold, which is subject to change and should be verified for the current limit. Additionally, while there is no federal inheritance tax, there is a federal estate tax, but it only applies to estates exceeding a significant exemption amount.