Are taxes paid on inheritances?

Answer Yes, in the United States, there are federal taxes on inheritance. If you are the beneficiary of an estate, then an inheritance tax will be levied upon you. This is different from estate taxes, whi... Read More »

Top Q&A For: Are taxes paid on inheritances

Who paid taxes in 1950?

In 1950, there were 53,060,098 tax returns filed. Of that number, 14,873,416 filers had zero tax liability (after their deductions and adjustment to income). The tax history, and tax rates changed ... Read More »

Why are sales taxes paid?

Sales tax is a state tax assessed on purchases by individuals and businesses. The tax rate varies from state to state, where it is decided by individual state legislatures. Localities also occasion... Read More »

Are property taxes paid monthly?

Typically, property taxes are paid yearly. However, some areas like New York City can require semi-annually or even monthly property tax payments. Property taxes lumped in with mortgages are also p... Read More »

Can I deduct the taxes paid for a car purchase?

If you itemize your tax deductions, you can deduct the sales taxes you pay on your car purchase. To claim this deduction, you must file your taxes using form 1040 and report the deduction on Schedu... Read More »