What is the difference between inheritance tax and capital gains tax?
An example of an AI chatbot conversation about inheritance tax and capital gains tax differences.
What is the difference between inheritance tax and capital gains tax?
Inheritance tax is a tax on the estate of a deceased person, while capital gains tax is on the profit from the sale of an asset.
Are there any exemptions for inheritance tax?
Yes, many jurisdictions have exemptions, such as for spouses or certain amounts below a threshold.
How is capital gains tax calculated?
Capital gains tax is calculated based on the difference between the selling price and the purchase price of an asset.
Can I avoid paying capital gains tax?
There are strategies like tax-loss harvesting or holding assets longer to qualify for lower rates, but it's best to consult a tax advisor.
What are the current rates for both taxes?
Rates vary by country and sometimes by state; it's important to check local tax laws for the most accurate information.
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