An inheritance tax is a tax imposed by some states on the recipients of inherited assets. In contrast to an estate tax, an inheritance tax is paid by the recipient of a bequest rather than the estate of the deceased. The tax is not common in the U.S., and whether or not it applies in one of six states with an inheritance tax as of 2022 depends on the state in which the deceased lived or owned property, the value of the inheritance, and the beneficiary's relationship to the decedent Inheritance taxes are collected by six U.S. states: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Whether your inheritance will be taxed, and at what rate, depends on its value, your relationship to the person who passed away, and the prevailing rules where you live. Inheritance tax may be assessed by the state or states where the decedent lived or owned property.Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.

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