Inheritance tax

Inheritance Taxes
Taxes that an heir has to pay on property that they inherited. Type of death tax.
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Inheritance tax: A tax levied by the county of residence of a person who inherits something from a will. The rate of taxation applied will vary on the size of the inheritance and the relationship between the person who inherits and the deceased.

Inheritance tax - A state tax on property that an heir or beneficiary under a will receives from a deceased person's estate. The heir or beneficiary pays this tax.

inheritance taxes - Taxes assessed on the value of inherited property and imposed on the people or organizations who inherit the property.

There are two main types of death taxes in the United States: estate taxes and inheritance taxes. The federal government and some state governments impose estate taxes on decedent's estates.

Definition - Noun
1 : See also estate tax
2 : See also inheritance tax
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Death Taxes: Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property and some have estate taxes.

Taxes listed in the abstract may include estate taxes, inheritance taxes, capital gains taxes, and local government property taxes. The abstract should include the current amount of these taxes and certification that they have been paid.

See also: Inheritance, Inherit, Estate, Property, Person