Death Taxes

DEFINITION of 'Death Taxes'

Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the beneficiary that receives the property in the deceased's will; the tax amount is based on the property's value at the time of the owner's death. Also called death duties or inheritance tax.

BREAKING DOWN 'Death Taxes'

The term was first coined in the 1990s to describe estate and inheritance taxes by those who want such taxes eliminated.

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RELATED FAQS
  1. Do beneficiaries pay taxes on life insurance?

  2. What would the estate tax be on life insurance policy of $25,000?

    $25,000 was paid to the beneficiary of a life insurance policy. What would the estate tax be and do you have to pay an estate ... Read Answer >>
  3. Do I have to pay taxes on a death benefit?

    I still work. I also receive SSI due to my wife's passing.  ... Read Answer >>
  4. How are life insurance proceeds taxed?

  5. What should I do with my husband's annuity now that he has passed away?

    I am the sole surviving owner and beneficiary of my husband's and my annuity. My husband passed prior to annuitization of ... Read Answer >>
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    See which U.S. cities punish high net worth individuals the most through the highest levels of income taxes, property taxes ... Read Answer >>
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