What is an inheritance tax waiver?

An inheritance tax waiver is a legal document that relieves the inheritor of an estate from paying Virginia inheritance taxes. This waiver is issued by the Commissioner of the Revenue when the inheritor has been approved to receive the estate. Inheritance taxes are levied in Virginia and are based on the size of the estate and the relationship of the deceased to the inheritor. When an estate is inherited, taxes will generally be due. To be exempt from paying the inheritance taxes, the inheritor must obtain an inheritance tax waiver. The waiver is granted if the inheritor meets certain qualifications. These qualifications include being a surviving spouse of the deceased, a charitable organization, or a church. To qualify for the tax waiver, the inheritor may have to prove financial hardship. These include proof of medical expenses and proof that the estate does not contain enough assets to cover other debts. In addition, an inheritor may be exempt from paying taxes if the estate is worth less than a certain amount. The inheritance tax waiver can be obtained from the county Commissioner of the Revenue. The Commissioner will review the necessary documents and determine if the inheritor is exempt from paying taxes. The income taxes will still be due on the estate, but the inheritance tax waiver can provide relief to some inheritors.

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What is an inheritance tax waiver?

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