4 Ways To Protect Your Inheritance Tax – Accounting Firms In Uk
November 17, 2022 ⚊ 1 Min read ⚊ Views 74 ⚊ BUSINESS
Inheritances, whether cash, assets, or property, are not considered income for federal tax reasons. Any additional earnings on the inherited assets, however, are taxable unless they originate from a tax-free source.
Gains on inherited assets or property are normally taxed, but you may usually claim losses on these transactions as well.
State inheritance taxes differ; for further information, contact your state’s department of revenue, treasury, or taxation, or consult a tax specialist.
Tags: AccontingFirmsinUK, accounting, InheritanceTax
