Conduct Internet research and find whether your state levies inheritance tax. and how is it different from the federal inheritance tax.

My state is Wisconsin, and Wisconsin does not levy a state inheritance tax, nor a estate tax, being one of the 34 states that do not levy any of these two taxes.

This is in contrast with the federal leve, because there is a federal inheritance tax, although with a quite high exemption of around 11 million for individuals, and of 22 million for married couples.

Inheritance tax is a tax that a person has to pay on money or property inherited after the death of a family member, loved one, and so on. This tax is sometimes referred to as a death tax. It is fundamentally a state tax.

In the federal inheritance or estate tax, the tax value depends on the fair market value of the inheritance. The amount is then levied on the representative of the estate. The taxable amount comes from the value of the estate. Then, the balance goes to the beneficiary of the estate.

As per the state inheritance tax, the beneficiary of the estate must pay the taxable amount. For example, if five family members inherit a property from a deceased relative, each member will individually pay tax on their share of the inheritance

Only eight states have inheritance taxes, these include Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania, and Tennessee. My state, the state of Texas, does not levy an inheritance tax. Even for states that do levy such taxes, many beneficiaries are exempt from the tax under various circumstances.

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