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what are the inheritance tax rates in all 50 states?
AI accountant’s answer:
I cannot provide specific rates for all 50 states, but I can give you a general overview. Inheritance tax rates vary among states and are subject to change. Only six states in the U.S. currently have an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. The rates in these states typically depend on the relationship between the deceased and the beneficiary, with the tax rate increasing for more distant or unrelated inheritors. Maryland is unique because it has both an estate tax and an inheritance tax. The other 44 states have no inheritance tax, though some may have an estate tax, which is assessed on the total value of the deceased person's estate before distribution to the beneficiaries, regardless of their relationship to the deceased. It's important to remember that tax laws are subject to change, and rates may vary. For the most accurate and up-to-date information on each state's inheritance tax rates, I recommend visiting your state's official tax website or contacting a tax professional.
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David Bailey, EA, MBA
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