What is the tax rate for inherited property?

In Virginia, the tax rate for inherited property depends on the value of the property and the relationship between the heir and the deceased person. Generally, the tax rate is 6%. In some cases, the tax rate may be more or less than 6% depending on the value of the property. For example, if the property is worth less than $20,000, then the tax rate is 4.5%. If the heir is the deceased person’s child, then the tax rate is 0%. On the other hand, if the heir is the deceased person’s spouse, then the tax rate is 2%. If the heir is not related to the deceased person, or the inheritance is not property (eg. cash, investments or shares), then the tax rate may be higher. If you are uncertain about the tax rate for your inherited property, then you should contact a qualified tax professional for assistance. They can help you understand the applicable tax rate for your situation.

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What is the tax rate for inherited property?

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