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IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047

IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047 2025

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The document is an application to the Iowa Department of Revenue for the release of inheritance tax liens on a deceased person's real estate, necessary for conveying clear title after the property has been sold or mortgaged. It acknowledges that any outstanding inheritance tax liens will attach to the sale proceeds as per Iowa law.

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What is the inheritance tax clearance in Iowa?

When payment in full has been received by the Iowa Department of Revenue, an inheritance tax clearance will be issued. The tax clearance releases the property from the inheritance tax lien and permits the estate to be closed.

How much can I inherit from my parents tax free?

Many people worry about the estate tax affecting the inheritance they pass along to their children, but its not a reality most people will face. In 2025, the first $13,990,000 of an estate is exempt from federal estate taxes, up from $13,610,000 in 2024.

How much can you inherit in Iowa without paying taxes?

Exemptions From Iowa Inheritance Tax For deaths before 2025, if the deceased persons net estate (discussed below) is worth $25,000 or less, no inheritance tax is due. (Iowa Code Ann. 450.4.) Additionally, no inheritance tax return is required if the inheritors are exempt from inheritance tax.

How do beneficiaries pay inheritance tax?

Heres how inheritance tax works: Inheritance tax is a state tax that beneficiaries must pay when they receive the assets generally using date of death valuations. Personal representatives are generally required to file the tax return and ensure the tax is paid.

What assets are exempt from probate in Iowa?

Assets Exempt from Probate in Iowa Assets held in a living trust. Proceeds from life insurance policies with designated beneficiaries. Retirement accounts with named beneficiaries. Jointly owned property with rights of survivorship.

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Is Iowa phasing out inheritance tax?

For deaths on or after January 1, 2025, Iowa no longer imposes an inheritance tax. Update: Iowa has repealed its inheritance tax for deaths occurring on or after January 1, 2025. For deaths in 2021-2024, Iowa imposed an inheritance tax but reduced the tax rate by 20% each year.

How to avoid inheritance tax in Iowa?

If all the property of the estate has a value of less than $25,000, no tax is due. Insurance proceeds paid to a named beneficiary are not taxable. Currently, annual gifts in the amount of $13,000 or less are not taxable. Annuities purchased under an employee pension plan or retirement plan are not taxable.

What kind of lien is an inheritance tax lien?

An inheritance tax lien is a legal claim the government places on a deceased persons estate (real property) to ensure payment of any taxes owed. It gives the government priority over other creditors or heirs to collect the tax debt.

IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047 2025

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