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What Are Inheritance Taxes?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:54 AM
OVERVIEW

Inheritance taxes are taxes that a person needs to pay on money or property they have inherited after the death of a loved one. Here are the basics.

 

Key Takeaways

  • An inheritance tax is levied on the assets from a deceased person's estate that are received by an individual. The person who receives the assets is responsible for paying the tax.
  • The federal government doesn't have an inheritance tax. As of 2024, six states impose an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.
  • Generally, the value of the inherited assets has to exceed minimum amount before an inheritance tax is due. As a result, only about 2% of taxpayers ever encounter this tax.

What are inheritance taxes?

An inheritance tax is a state tax that you pay when you receive money or property from the estate of a deceased person. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate. As of 2024, only six states impose an inheritance tax. And even if you live in one of those states, many beneficiaries are exempt from paying it.

Additionally, Iowa passed legislation to phase out its inheritance tax until it is eliminated for deaths on or after January 1, 2025.

How are inheritance taxes different from estate taxes?

The key difference between estate and inheritance taxes lies in who is responsible for paying it.

  • An estate tax is levied on the total value of a deceased person's money and property, less an exclusion amount, and is typically paid out of the decedent’s assets before distribution to beneficiaries.
  • An inheritance tax is levied on the person that receives assets from an estate and is typically based on the amount that is received.

However, before an inheritance tax is due, the value of the assets have to exceed certain thresholds that can change each year. Because of this threshold, only about 2% of taxpayers will ever encounter this tax.

How is inheritance taxed?

If a loved one passed away and left you money or assets in their will, you may be wondering: is inheritance taxable? Whether your inheritance is taxed often depends on your state or the state of the deceased individual. 

The amount that you owe on an inheritance can also vary depending on a wide range of factors, such as the:

  • size of the estate
  • tax laws in your state
  • your relationship with the deceased individual

The rate at which your inheritance is taxed is typically only applied to the portion of your inheritance that exceeds your jurisdiction’s exemption threshold. Any inheritance above those thresholds can be subject to inheritance taxes on a sliding scale, with rates typically increasing the more you inherit.

TurboTax Tip:

In most states, spouses are exempt from the tax when they inherit ‌property from another spouse. Children and other dependents may also be exempt from the inheritance tax, though in some cases, only a portion of the inherited property may qualify.

How do inheritance taxes work?

Once the executor of the estate has divided up the assets and distributed them to the beneficiaries, the inheritance tax can come into play. The amount of tax is calculated separately for each individual beneficiary, and the beneficiary has to pay the tax.

  • For example, a state may charge a 5% tax on all inheritances larger than $2 million.
  • Therefore, if your friend leaves you $5 million in their will, you only pay taxes on $3 million, which is $150,000.
  • The state would require you to report this information on an inheritance tax form.

What states have an inheritance tax?

The federal government doesn't have an inheritance tax. The six states that impose an inheritance tax are:

  1. Iowa
  2. Kentucky
  3. Maryland
  4. Nebraska
  5. New Jersey
  6. Pennsylvania

Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency. The tax rates on inheritances can range from less than 1% to as high as 20% of the value of property and cash you inherit.

How is inheritance tax calculated?

Because inheritance tax rules vary by state, the rate at which they’re taxed can also vary. 

Many states calculate inheritance taxes based on the closeness of the relationship between the beneficiary and the deceased individual. Often, the closer you are to the person who passed away, the higher the likelihood you will be exempt from paying inheritance taxes. 

When it comes to calculating inheritance taxes, the tax is often applied to inheritance above a certain amount, with the rate either being flat or graduated on a sliding scale.

Is cash inheritance taxable income?

Cash received as an inheritance isn’t taxable, according to the IRS.

But, if the cash you received later generates further income–for example, if you have it in an interest-bearing account–subsequent earnings may be considered taxable income. Whether it’s taxable hinges on whether those subsequent earnings come from a tax-free source.

If you’re not sure whether the cash inheritance you’ve received is considered as generating further income, a tax professional can help you determine whether it’s exempt.

How can you avoid taxes on inheritance?

In some cases, you may be able to avoid getting taxed on your inheritance. The most common solution for how to avoid inheritance tax is by giving inheritance to those closest in relation to you.

Depending on your relationship to the decedent, you may receive an exemption or reduction in the amount of inheritance tax you must pay.

  • Most states exempt a spouse from the tax when they inherit property from another spouse.
  • Children and other dependents may qualify for the same exemption, though in some cases, only a portion of the inherited property may qualify.
  • Generally, the higher rates of tax will be paid by those who inherit property from a decedent with whom they have no familial relationship.

Aside from the relationship between the deceased individual and the beneficiary, there may be other ways taxes on your inheritance can be avoided, including: 

  • If you live in a state that imposes inheritance taxes, you can consider moving to a state that doesn’t impose inheritance taxes before the inheritance is given. 
  • A loved one can place their assets in an irrevocable trust fund for you (and other beneficiaries) that doesn’t have an official property transfer when they pass, allowing you to avoid inheritance taxes.

Get more tips for how to protect your inheritance from taxes.

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  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

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TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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