9 ms·
This year, the first $15,000,000 of an estate is exempt from federal taxes, so unless it is on top of a different $14,000,001 in estate net assets, the estate t
by thyrsus 6mo ago
This year, the first $15,000,000 of an estate is exempt from federal taxes, so unless it is on top of a different $14,000,001 in estate net assets, the estate tax (a tax on the estate) on that $1,000,000 house is $0. [0]
Some U.S. states have an additional inheritance tax (payable by the inheritors). Those rules vary. [1]
[0] https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax https://www.irs.gov/businesses/small-businesses-self-employe...
[1] https://www.investopedia.com/terms/i/inheritancetax.asp https://www.investopedia.com/terms/i/inheritancetax.asp
- alphawhisky 6mo agoThis fact has me foaming at the mouth rn.
- Spivak 6mo agoWhy? Inheritance taxes are kinda stupid anyway, you already taxed it when it went to the parents, taxing again when moving those assets to next of kin is double dipping. I can understand step up being considered unfair but the alternative is someone inheriting their family's stuff and getting slapped with a potentially huge tax bill they don't have the cash to afford.
- voxic11 6mo agoWell I think the idea is it wasn't already taxed in many cases. If you have assets that have greatly appreciated then that appreciation was never taxed.