What is the tax rate for inherited property?

In California, the tax rate for inherited property depends on the value of the estate, which includes all assets the deceased owned at the time of their death. The tax rate can range from 0% to 16%, with a base rate of 11% applied to amounts above $1 million. For estates with a gross value of $60,000 or less, the tax rate will be 0%. For those with a value between $60,000 and $100,000, the tax rate is 1%; those between $100,000 and $1 million pay a rate of 8%. As noted above, any amount over $1 million will be taxed at 11%. It is important to note that there are also additional taxes that may apply to inherited property in California, such as the Generation-Skipping Transfer Tax, which is assessed at a flat rate of 16%. This tax is applied to estates in which property is passed directly to grandchildren, instead of their parents. Finally, inherited property may also be subject to local taxes, depending on the county or city in which the property is located. Some counties in California, such as Los Angeles and San Francisco, have additional taxes on inherited property. In conclusion, the tax rate for inherited property in California depends on the value of the estate and which county or city it is located in.

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