What is an inheritance tax waiver?

An inheritance tax waiver is a document issued by the Wisconsin Department of Revenue that allows individuals to transfer inherited property without paying inheritance taxes. The document is used when an inheritor wishes to transfer property from one person to another without paying taxes on the gift. In Wisconsin, inheritors must submit their inheritance tax waiver form to the Department of Revenue before they can transfer inherited property. The tax waiver works to prevent inheritance tax from being paid on inherited property and allows it to be transferred from one person to another tax-free. In addition, an inheritance tax waiver can also prevent the estate owner from having to pay taxes on inheritance that would otherwise be taxable. Without an inheritance tax waiver, those inheriting property could be required to pay tax on any inherited property, including real estate, stocks, bonds, and other assets. The waiver must be requested by the inheritor in writing and needs to be approved by the Wisconsin Department of Revenue. Additionally, the waiver must also list any beneficiaries of the estate, the value of the estate, and any other related information. Once approved, the waiver can be used to transfer inheritance without inheritance tax being taken out of the property.

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