Inheritance tax???

[mrsgaines654]

What is the name of your state? Texas

What is the inheritance tax for Texas?

 

[anteater]

What is the name of your state? Texas

What is the inheritance tax for Texas?

If the death occurred on or after 1/1/2005, there isn't any.

If the death was prior to that, Texas tax would only be due if a federal estate tax return had to be filed. Texas had an estate tax that "picked up" the federal estate tax credit for state taxes paid.

 

[mrsgaines654]

Thank you so much. The death was on Feb. 5th 2007. He lived in Az, but I live in Texas. Is there still no inheritance tax? I heard that it was a large percentage, but I wasn't sure. I hope that there is none

 

[anteater]

Thank you so much. The death was on Feb. 5th 2007. He lived in Az, but I live in Texas. Is there still no inheritance tax? I heard that it was a large percentage, but I wasn't sure. I hope that there is none

I don't know of a state that imposes a tax upon an inheritance received from an estate located in another state. Definitely, Texas does not.

According to Commerce Clearing House:
"The Arizona estate and generation-skipping transfer tax provisions are permanently repealed, and an Arizona personal income tax subtraction is allowed for federal estate taxes paid, applicable to taxable years beginning after December 31, 2005."

That only leaves the federal estate tax. And for deaths occurring in 2007, the first $2 million of the estate value is exempt from the federal estate tax.