How much can you inherit from your parents without paying taxes?
Idaho does not impose a state-level inheritance tax or estate tax, meaning beneficiaries can inherit any amount of money, real estate, or personal property from a deceased individual without owing state death taxes. Furthermore, at the federal level, heirs do not pay an inheritance tax either, as the burden of the federal estate tax falls on the estate itself rather than the individual receiving the assets. For deaths occurring, the federal estate and gift tax exemption allows individuals to pass millions of dollars tax-free to their heirs before any federal estate taxes apply. Additionally, most inherited assets benefit from a step-up in basis, which eliminates capital gains taxes accrued during the decedent's lifetime, allowing beneficiaries to sell inherited property with minimal tax consequences.
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