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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 Oregon, there is no inheritance tax. Instead, Oregon imposes an estate tax, which is a tax on the total value of the deceased person's estate before the assets are distributed to the heirs. The estate tax in Oregon applies to estates with a value above a certain threshold, which is adjusted periodically for inflation. As of the knowledge cutoff in 2023, the threshold for Oregon estate tax is $1 million. This means that if the total value of the estate exceeds $1 million, the portion of the estate above this amount may be subject to estate tax. It's important to note that this is different from an inheritance tax, which would be paid by the heirs rather than the estate itself. Beneficiaries typically do not owe taxes on the property they inherit, but there may be other tax implications, such as capital gains tax, if they later sell the inherited property.

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Taxes

inheritance tax

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Taxes

inheritance tax

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