Property owned by a person at the time of death is known as the decedent’s estate. When the estate is transferred to the recipients (known as heirs), the federal government may impose a tax on the right to transfer that property. That is the federal estate tax. The tax is owed by the estate of the decedent and is paid by the estate prior to the transfer of the remaining property. Heirs who receive money or property from an estate do not pay the estate tax, nor do they pay any income tax on the value of the inherited property.
Organization |
Iowa State University Extension |
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Iowa State University |
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1094 |
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Written Material |