Obama's position on the estate tax

[TinCow]

I am getting state inheritence taxes mixed up with the "death tax."

If inherited an estate worth 100k tomorrow, when I filed my state tax return I would owe 10% of the value. If I needed to liquidate some of the estate (to cover the taxes or for whatever reason) and I got a capital gain on its base cost, then I would also have to pay a capital gains tax on top of the 10%.

That's not correct if you're in Oklahoma. Oklahoma currently exempts the first $3m of the estate, with the graduated tax only applying to amounts over and above that. If you inherited an estate worth 100k tomorrow, you would owe nothing.

http://www.tax.ok.gov/oktax/forms/45499.pdf
Exemption limits are described on page 6.

I highly doubt if there is any state that imposes an estate tax which does not include a very sizable exemption.

[Major Robert Dump]

That's not correct if you're in Oklahoma. Oklahoma currently exempts the first $3m of the estate, with the graduated tax only applying to amounts over and above that. If you inherited an estate worth 100k tomorrow, you would owe nothing.

http://www.tax.ok.gov/oktax/forms/45499.pdf
Exemption limits are described on page 6.

I highly doubt if there is any state that imposes an estate tax which does not include a very sizable exemption.

Now I feel dirty for not having to pay taxes on my imaginary inheritence, but then I remember I havent paid taxes in 2 years so I feel clean again.

Funny, that was a link from my own link.

So I am only on the hook for capital gains/investments. Yeeeeeeeeeeeeeeeeaaaaaaaaaaaaaaaaaaaaaaaaaaah