When and what forms are used for Federal Inheritance Taxes?

There are certain inherited assets that are taxed Federally as "inherited" and not "estate"  I just need to know what forms are used and when is the tax due.  

2 Answers

  • 1 month ago
    Favorite Answer

    If you "inherit" an IRA, then you were named as a beneficiary and it does not go through the same process as things inherited by will.  If this is what you mean, there is no special form.  There are required distributions and you may have income taxes due, but there is no federal inheritance tax.

  • 1 month ago

    The US Federal Government does not have an inheritance tax.

    - If the item is given while the person is still alive, it is a gift.

    Gifts and estates are on the same form:  https://www.irs.gov/businesses/small-businesses-se...

    These states have inheritance taxes:  Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.

    These states have both an inheritance tax and an estate tax  Maryland and New Jersey

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