Someone responded to a post of mine and wrote:"The current federal estate tax unified credit effectively exempts $675,000 of estate assets from tax. If the estate is smaller than $675,000 there will be not estate tax, no income tax and no capital gains tax on the assets"and"Inheritance tax is a state tax and the rates are determined by the state in which your father resides at death."1.In my case this is not so, but if the estate is valued at over $675,000 then the amount over $675,000 would be subject to estate tax, income tax, and capital gains, and inheritance tax at the time of death if I am the beneficiary of it?2.And what does the term "basis" mean?3.Any idea what inheritance tax rate is in the state of California?
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