How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bill Your Own Question
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
6480514
Type Your Tax Question Here...
Bill is online now
A new question is answered every 9 seconds

What is the percentage of Inheirtance tax charged by the State

Resolved Question:

What is the percentage of Inheirtance tax charged by the State of Illinois.
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

There is no inheritance tax charged by the state of IL but there may be an IL estate tax depending on the size of the gross estate. The tax rate ranges from .8% - 16% depending on the value of the estate. For persons dying in 2008 with a gross estate of $2,000,000 or less, there will be no IL estate tax.

 

http://www.ag.state.il.us/publications/pdf/Estate_Tax_Notice_2006to2008.pdf

 

http://www.ag.state.il.us/publications/pdf/form700_0805web.pdf

 

http://www.ag.state.il.us/publications/calculator/calculator20072008.html

 

Bill and 3 other Tax Specialists are ready to help you