Q: I have green card and I own a house in TX, value of 1 m $. Do my inherits will pay inheritance tax? how much?
A:
Texas has no inheritance tax and is highly unlikely to adopt one.
Our federal government has vacillated between having no estate tax to imposing an estate tax with an exemption. This is not imposed on an asset by asset basis, but rather on the amount of your entire estate.
In recent years. the exemption has been unlimited for a spouse and above $5 million for other heirs. But this could change at any time with each new Congress. Whatever the law is when you die will determine the amount of any applicable federal estate tax and the amount of any exemption.
Some nations similarly impose estate taxes on their citizens. Some include assets held outside of their borders. So you probably should also consult an attorney in the nation of which you are a citizen to determine if it will tax property held in Texas if you die.
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