Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. A few years ago the government combined the gift and the estate tax exemption. The current lifetime exemption is 5.45 million. So the total value of an estate is less than $5.45 million and the individual did not use any of their lifetime exemption then there would not be any estate tax. There is no tax on inherited money. It is possible that you would have income associated with the inheritance (interest, dividends. etc). This would be taxable.
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