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Inheritance Tax Questions

Typically, people want answers for basic problems they have with inheritance taxes. Many want to know whether they have to pay taxes on estates. If a married couple owns an estate jointly, they don't have to pay inheritance tax. On the other hand, if an estate is inherited by one of them, that inheritance is under taxation. The close relatives such as nieces, aunts, nephews etc., or friends who benefit from an inheritance should also pay inheritance taxes. Nevertheless, charities and government institutions are exempted from taxation. If a child donates property to his own parents, adopted parent or step-parent, they don't have to pay taxes as well. For lineal heirs, the inheritance taxation is activated while siblings who inherited estates should also pay inheritance tax.

The type of properties subjected to inheritance taxation is another area they need to know in advance. Typically all properties are subjected to inheritance taxation. These include automobiles, jewellery, furniture, antiques or any other tangible property. The intangible properties such as stocks, shares, bank accounts, loans receivable and bonds also are subject to inheritance taxation. Except for married couples, other properties jointly owned such as estates, bank accounts, shares or any other properties are also taxable.

Many want to know whether funeral expenditure or unpaid bills can be deducted from the taxation. Fortunately and rightfully that can be done. This includes decedent's debts from the estate, management fees of the estate, lawyer's fees, funeral expenses, the burial expenditure as well as tombstone construction fees, and all other relevant expenses.

Some will ask, "Do we have to pay income tax for my own money because of my mother's death and just because her name was on my account?" Unfortunately, they are liable to pay, as the accounts are joint accounts to which both persons have equal access. Nevertheless, the inheritance taxation laws only influence on one half of such accounts in this instance.

The instance where they are liable to the family exemption and what is the amount they can claim on such an exemption is yet another question. Certain people are given family exemption. The spouse of a decedent, his or her children, or if they are not available, any member of the descendant's family is liable to have family exemption taxation. In addition, parents can ask for tax exemption when these members are not in the descendant's family circle.

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Nevertheless, the inheritance taxation laws only influence on one half of such accounts in this instance.

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