what are the inheritance taxes on an estate
What is Inheritance Tax? Any inheritance of a deceased individualâs property, including real estate and personal property, may result in the imposition of inheritance tax. The amount of tax is determined by the value of those the items inherited and the transfereeâs relationship to the deceased individual â Class A, B or C. If the amount transferred to any one person exceeds their exemption amount, inheritance tax is due and an inheritance tax return will need to be filed. The Indiana Department of Revenue (DOR) works with individuals, tax professionals, assessors, attorneys, and financial institutions to understand what tax forms need to be prepared and filed and whether any inheritance tax is due.