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NerdWallet: You may owe taxes on an inheritance

This article is reprinted by permission from NerdWallet.

Most of the time, only big estates feel the bite of taxes — odds are you won’t have to pay them. But there are exceptions, and the specifics of your inheritance situation can dramatically change your tax bill.

Estate taxes vs. inheritance taxes

Estate taxes and inheritance taxes are two different things. Estate taxes are paid out of the deceased’s estate, and inheritance taxes come out of the beneficiary’s pocket. One, both or neither could be a factor when someone dies.

Estate taxes

An estate tax is a tax on the right to transfer property when you die.

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