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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 117370
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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Inheritance tax or death tax in Louisiana? Parents have 20

Customer Question

Inheritance tax or death tax in Louisiana? Parents have 20 acres of land valued about $500,000 to be split between me and my sister and parents are up in age and don't want to inherit land not knowing more.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

There is no Louisiana inheritance tax for people who die after June 30, 2004. Even Orleans Parish has done away with the tax on estates. So, you would not have any "inheritance tax." You would acquire the land and get the tax basis for the value of the land at date of inheritance. When you sell the land then you would pay tax on the profit over what your tax basis was at time of inheritance.

Expert:  Law Educator, Esq. replied 1 year ago.

The federal inheritance tax is only on estates over $5 million.