How much tax do I have to pay on inheritance?

In Virginia, there is no state inheritance or estate tax. This means that any inheritance you receive in Virginia generally does not incur any taxes. However, you may still have to pay federal taxes on certain kinds of inheritance. In particular, if you inherit something like a house, you will probably have to pay capital gains tax on any appreciation in the value of the house since it was last bought or sold. This would be true for any investments that have appreciated in value since they were last bought or sold. You may also have to pay federal taxes if you receive any investment income from the inheritance. It is advisable to consult a tax professional for more detailed advice and estimates. They can let you know exactly how much tax you might owe, and can also help you make sure you file your taxes correctly. It’s always a good idea to get advice from an expert when dealing with taxes. In summary, if you receive an inheritance in Virginia, you generally will not have to pay any state taxes. However, you may still be liable for federal taxes depending on the type of inheritance. It’s important to seek professional advice if you have any questions, and to make sure you file your taxes accurately.

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How much tax do I have to pay on inheritance?

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