How much tax do I have to pay on inheritance?

The amount of tax you need to pay on an inheritance in California depends on a few factors. If you are a resident of California, then you are required to pay tax on any inheritance received from an estate located in the state. Generally, California residents pay a maximum of 16 percent tax on all taxable distributions from the estate. The amount of tax owed also depends on how much you inherited and where it came from. For example, if you received a taxable distribution from a California estate, then you would need to pay the 16 percent tax on the amount of the distribution that was taxable. If the taxable amount is greater than $15,000, then you may also be required to pay additional taxes, such as the California Mental Health Services Tax, or the California Surtax. If you have inherited property from a non-resident of California, then the taxation of that property is based on the state where it came from. Non-residents of California are not taxed on inheritance, except for certain types of real estate transactions. Finally, if you receive a gift from a relative or friend, then you may be required to pay a gift tax. The amount of the gift tax, if any, depends on the fair market value of the gift, and the type of gift received. In summary, the amount of tax you pay on an inheritance in California depends on a few factors. Generally, residents must pay a maximum of 16 percent tax on any taxable distributions from a California estate, plus any additional taxes that may be applicable. Non-residents of California are not taxed on inheritance, except for certain types of real estate transactions. Additionally, gift taxes may apply to the fair market value of certain gifts.

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How much tax do I have to pay on inheritance?

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