North Carolina state death tax
What is a Death Tax?In the United States, the estate tax is any tax imposed on the transfer of the estate of a deceased person according to their will. This could include the transfer of property, a trust, or certain life insurance benefits to beneficiaries. In addition to the main estate tax, there is also a gift tax which imposes a tax on transfers of property during the person’s lifetime, in an effort to prevent potential avoidance of the estate tax. This is imposed on a federal level, although each state can impose an estate or inheritance tax. In most cases, the first $1 million of an estate is tax-free, and the tax is due on any amount that is transferred after this threshold. This will vary, however, depending on the state.While Tennessee no longer has a death tax, there are 20 other states that do, including the following:
Source: Price CPA's RSS Feed
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