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Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source.
State inheritance tax rates There is no federal inheritance tax and only six states have a state-level tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Below are the ranges of inheritance tax rates for each state in 2021 and 2022. Note that historical rates and tax laws may differ.
There is no federal inheritance taxthat is, a tax on the sum of assets an individual receives from a deceased person. However, a federal estate tax applies to estates larger than $11.7 million for 2021 and $12.06 million for 2022. The tax is assessed only on the portion of an estate that exceeds those amounts.
As of 2021, 33 states collected neither a state estate tax nor an inheritance tax: Alabama. Alaska. Arizona. Arkansas. California. Colorado. Delaware. Florida.
Hawaii and Washington have the highest estate tax top rates in the nation at 20 percent. Eight states and the District of Columbia are next with a top rate of 16 percent.

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Hawaii and Washington have the highest estate tax top rates in the nation at 20 percent. Eight states and the District of Columbia are next with a top rate of 16 percent. Massachusetts and Oregon have the lowest exemption levels at $1 million, and Connecticut has the highest exemption level at $9.1 million.
New Jersey has had an Inheritance Tax since 1892, when a tax was imposed on property transferred from a deceased person to a beneficiary. Inheritance Tax is based on who specifically will receive or has received a decedents assets, and how much each beneficiary is entitled to receive.
Massachusetts and Oregon have the lowest exemption levels at $1 million, and Connecticut has the highest exemption level at $7.1 million. Of the six states with inheritance taxes, Nebraska has the highest top rate at 18 percent. Maryland imposes the lowest top rate at 10 percent.
Massachusetts and Oregon have the lowest exemption levels at $1 million, and Connecticut has the highest exemption level at $9.1 million. Of the six states with inheritance taxes, Nebraska has the highest top rate at 18 percent. Marylandwhich also has an estate taximposes the lowest top rate at 10 percent.
The estate tax rates in Connecticut are the lowest, starting at 7.80% and rises to 12%. The rates are the highest in Washington, where they go as high as 19%.

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