Ask Question
BusinessBusiness
18 July, 20:11

Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate and the inheritance. How will these taxes affect her new estate and inheritance?

+1
Answers (2)
  1. 18 July, 20:22
    0
    Depending on the state where she is and the laws of that state concerning taxing properties of deceased persons.

    The federal government sometimes taxes the estates of deceased persons, California has eliminated inheritance taxes altogether.

    Explanation:

    Depending on the state where she is and the laws of that state concerning taxing properties of deceased persons.

    The federal government sometimes taxes the estates of deceased persons, California has eliminated inheritance taxes altogether.
  2. 18 July, 20:23
    0
    She pays the inheritance tax, while the estate is responsible for the estate tax.

    Explanation:

    Inheritance tax is a form of tax that every beneficiary of an inherited estate must pay. Regardless of the situation and location of the inherited property, inheritance tax is calculated individually for different beneficiary.

    The estate in which a particular property is located is responsible for the estate tax. This is calculated based on the value of the property and paid by the estate management for all properties within the estate before rents are remitted to the landlords.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate and the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In an origin contract, when does title pass to the buyer?
Answers (1)
The required return on equity for an all-equity firm is 10.0 percent. They currently have a beta of one and the risk-free rate is 5 percent and the market risk premium is 5 percent.
Answers (1)
Do I have to go to college to work at U. S printing and engraving
Answers (2)
Below is a list of the five new-product adopter categories. In what order do these groups of consumers adopt new products?
Answers (1)
Consider a business that can be run using a make-to-stock or make-to-order process. Further suppose that your demand is 10000 per monthand is spread out during the month. Capacity of both processes is 15000per month.
Answers (1)
New Questions in Business
Scenario 1: suppose savers either buy bonds or make deposits in savings accounts at banks. initially, the interest income earned on bonds or deposits is taxed at a rate of 20%.
Answers (1)
Charm Co. owns a delivery truck with an original cost of $10,000 and accumulated depreciation of $7,000. Charm acquired a new truck by exchanging the old truck and paying $2,000 in cash.
Answers (1)
On July 1st, Harding Construction purchases a bulldozer for $228,000. The equipment has a 8 year life with a residual value of $16,000. Harding uses straight-line depreciation.
Answers (1)
Which of the following refers to the costs of production that fluctuate depending on the number of units produced? A. Total cost B. Contribution per unit C. Markup D. Variable cost E. Fixed cost
Answers (1)
Your assistant wants to use secondary data exclusively for the current research project. You advise him that the use of secondary data has some potential problems. Which of the following is NOT one of them? A) It may not exist.
Answers (1)
Home » Business » Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate and the inheritance. How will these taxes affect her new estate and inheritance?
Sign Up Forgot Password?