What percentage of tax do you pay on an 800000 dollar inheritance?
An inheritance is when someone dies or gives up their assets and gives them to another person of their choosing. It is usually written in writing in a will, or verbally spoken to an executor. Depending on where you live, whatever the value of the inheritance is in which you were given, you may or may not have to pay taxes on it. There are only 6 states that currently have an inheritance tax imposed on its citizens: Iowa, Nebraska, Maryland, New Jersey, Pennsylvania, and Kentucky. The rates in these states differ and depend totally on the amount you inherit. Rates can be anywhere from 1%-20% in these states. Please note that this can be similar to estate tax, which is imposed by a fair number of states, as well.