What determines the inheritance taxes?
Because inheritance tax laws vary from state to state, inheritance taxes are a complicated topic. Most states don’t have inheritance taxes; they either levy some form of estate taxes, or none at all. However, several states do have inheritance tax laws in place, but the specifics vary from state to state. Some states have a graduated inheritance tax system; charging no tax or very little tax for transfer of property from husband to wife, or parents to children. However, when the relationship is more distant, the recipient faces a higher inheritance tax. For example, the inheritance tax for a man to leave property to a second-cousin or unrelated friend is significantly higher than the inheritance tax for a man to leave property to his wife. Not strictly inheritance taxes, but beware of capital gains. If you sell property you have inherited, you may be responsible for yet more taxes. This doesn’t strictly fall under the umbrella of inheritance taxes, but if you sell a home that you have
