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    Inheritance tax

    How can I figure an inheritance tax in Florida?

    +1  Views: 776 Answers: 2 Posted: 7 years ago
    Tags: tax

    2 Answers

    From Finance Map of the World


    Florida Inheritance Tax





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    Inheritance tax is a tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. Florida inheritance tax is no longer functional in Florida. It has been replaced by the Florida estate tax. In Florida, the estate tax is imposed on the personal and real properties owned by any individual at the time of his death. 
    Inheritance tax, estate tax, and death tax or duty is the names given to various taxes which arise on the death of an individual. It is levied on the property accruing to each beneficiary of the estate of a deceased person. The basic difference between estate tax & inheritance tax is that former is based on the value of all property left by the decedent, whereas latter is based on the amount that an heir receives. 

    Inheritance tax may be more difficult to administer than estate tax because the value passing to each beneficiary must be fixed, and this often requires complex actuarial calculations. 

    Inheritance taxes date back to the Roman Empire. In the U.S. inheritance taxes have always been collected by the individual states, while the federal government has imposed an estate tax. 
    In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax

    In Florida, the gross estate includes the following types of properties, which may be wholly or partially owned: 


    • Real Estate

    • Life Insurance

    • Annuities

    • Stocks

    • Bonds

    • Accounts Receivable

    • Notes Receivable

    • Equipment

    • Autos

    • Furniture

    • Artwork

    • Jewelry

    • Money




     

    Florida Inheritance Tax





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    Inheritance tax is a tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. Florida inheritance tax is no longer functional in Florida. It has been replaced by the Florida estate tax. In Florida, the estate tax is imposed on the personal and real properties owned by any individual at the time of his death. 
    Inheritance tax, estate tax, and death tax or duty is the names given to various taxes which arise on the death of an individual. It is levied on the property accruing to each beneficiary of the estate of a deceased person. The basic difference between estate tax & inheritance tax is that former is based on the value of all property left by the decedent, whereas latter is based on the amount that an heir receives. 

    Inheritance tax may be more difficult to administer than estate tax because the value passing to each beneficiary must be fixed, and this often requires complex actuarial calculations. 

    Inheritance taxes date back to the Roman Empire. In the U.S. inheritance taxes have always been collected by the individual states, while the federal government has imposed an estate tax. 
    In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax

    In Florida, the gross estate includes the following types of properties, which may be wholly or partially owned: 


    • Real Estate

    • Life Insurance

    • Annuities

    • Stocks

    • Bonds

    • Accounts Receivable

    • Notes Receivable

    • Equipment

    • Autos

    • Furniture

    • Artwork

    • Jewelry

    • Money



    hector5559

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