Inheritance Tax Information

Summary

In Kentucky and South Carolina, inheritances are not subject to state tax, but federal taxes may apply depending on the estates size. Capital gains tax is separate and applies to profits from the sale of property or investments. Consult a tax professional for tailored advice.

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Are inheritances taxable?
Hello ****, in Kentucky, inheritances are generally not subject to state tax. However, there may be federal taxes depending on the size of the estate. It's best to consult with a tax professional for specifics to your situation.
What about South Carolina?
In South Carolina, similar to Kentucky, there is no state inheritance tax. However, federal taxes may still apply depending on the size of the estate. Always consult a tax professional for tailored advice.
So there is no capital gain tax?
Hello ****, capital gains tax is a different type of tax that is levied on profits from the sale of property or an investment. Both Kentucky and South Carolina do have capital gains tax, in addition to the federal capital gains tax. Consulting a tax professional is advisable.
Gotcha
Great, ****! It seems like you have a good grasp of the initial information. If you have any more questions or need further clarification, feel free to reach out. Remember, a tax professional can provide advice tailored to your specific situation.