Inheritance tax is imposed on the value of the decedent’s estate that exceeds the exemption amount applicable to the decedent’s year of death. The net estate is the fair market value of all assets, less any allowable deductions such as property passing to a surviving spouse, debts, and administrative expenses. The inheritance tax is paid out of the estate by the executor, administrator, or trustee.
What is the inheritance tax?
- Does Tennessee still have an inheritance tax?
- Who is responsible for the inheritance tax return?
- How must property be valued on the inheritance tax return?
- How long does it take to get a closure certificate after filing an inheritance tax return?
- I'm trying to transfer stock owned by a deceased person, and the stockbroker is requesting an Inheritance Tax Consent to Transfer. How do I obtain a consent?