What are the tax deductions for inheritance?
An example of an AI chatbot conversation about tax deductions related to inheritance.
What are the tax deductions for inheritance?
Inheritance tax deductions can vary by state, but generally, you may deduct certain expenses related to the estate.
Can you give me examples of those expenses?
Sure! Common deductions include funeral expenses, legal fees, and debts owed by the deceased.
Are there any limits on these deductions?
Yes, some deductions may have limits, and it's important to check state laws or consult a tax professional.
What if the estate is below a certain value?
If the estate's value is below the exemption threshold, you may not owe any inheritance tax at all.
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