Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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"


"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?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.