An inheritance or real estate duty is a taxes paid by someone who inherits money or property or a levy on the property (money and property) of someone who has died.
International tax rules distinguishes between an house duty and an inheritance tax–an real estate tax is evaluated on the property of the deceased, while an inheritance taxes is evaluated on the legacies received by the estate’s beneficiaries. However, this differentiation is not necessarily seen; for example, the UK’s “inheritance duty” is a taxes on the resources of the deceased, and purely speaking is therefore an house taxes. For historical reasons, the word death duty continues to be used colloquially (though not officially) in the united kingdom plus some Commonwealth countries.
Hello, my name is Ruth and I'm the founder of TaxTwerk.com. Also the author of the bestselling books 'How to Make Your Tax Sexy' and '12 LinkedIn Messages That Actually Work'. Did you pick up your free gift from me?>> Get Access Here
Sign Up to Get the Latest Offers
Enter Your Email Address to Receive free access today: