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 Wisconsin, there is no inheritance tax imposed on individuals who inherit property from a deceased person. This means that beneficiaries in Wisconsin do not have to pay a state tax on the property they receive from an estate. While there is a federal estate tax that applies to the transfer of the deceased's property, it only affects estates that exceed a certain value threshold, which is adjusted annually for inflation. As of the knowledge cutoff in 2023, the federal estate tax exemption is quite high, meaning that most estates will not be subject to this tax. It's important for individuals dealing with inheritance matters to consult with an attorney to understand any potential tax implications and to ensure compliance with all applicable laws.