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Iowa

TexasTowelie

(117,939 posts)

2. Most likely it isn't.

Reply to sinkingfeeling (Reply #1)

Tue Mar 30, 2021, 07:59 AM

Mar 2021

The tax is determined by whether the beneficiary is a direct descendant or ascendant. Inheriting an estate from your parents is not taxable, but inheriting an estate from a sibling is.

The maximum tax rate is 15% so I doubt that would force a beneficiary to sell the farm.

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House inheritance tax phaseout differs from 'aggressive' Senate plan [View all] TexasTowelie Mar 2021 OP

So, has it been this Iowa tax that provided those stories of sinkingfeeling Mar 2021 #1

Most likely it isn't. TexasTowelie Mar 2021 #2

State operating at deficits... no money for schools but this is what they are working on JT45242 Mar 2021 #3