Everyone who inherits any property or estate of value wonders about the tax implications. There are three different types of taxes with relevance to inheritances: Inheritance, Estate, and Income taxes.
Inheritance taxes: As of 2015, 6 U.S. states impose taxes on inheritances. They are New Jersey, Pennsylvania, Maryland, Kentucky, Iowa and Nebraska. In each case, widows or widowers inheriting property are not subject to inheritance tax. In addition children and grandchildren of the deceased are exempted from inheritance tax in all ...Continue Reading →