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Inheritance Tax

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My widowed Mother lives in FL and has 5 children living in various other states. Her will specifies her estate be equally divided amongst the surviving children. Her total assets are less than k$100. My understanding is that there will be no estate or gift tax assessed on her estate but would each beneficiary of her will be subject to an inheritance tax? What income tax implications or considerations would the beneficiaries need to take into account?



No taxable estate

There would be no federal estate tax and there would be no Florida inheritance tax on your mother’s estate. The estate is much smaller than the current federal exclusion of $650,000, and there is no Florida tax on an estate that incurs no federal tax (the Florida tax would equal the credit allowable under the Federal estate tax laws).

There is no income tax on inherited property. The property has a tax basis (for purposes of depreciation and gain on sale) of the fair market value at the date of death.

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