inheritance tax

noun

1

: a tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors

2

: death tax

especially : estate tax

Examples of inheritance tax in a Sentence

Recent Examples on the Web

Some recent examples include the current new Norwegian wealth and exit tax or just the high tax burden of other European countries like France with a high inheritance tax. —Francois Botha, Forbes, 25 Feb. 2024

But the big house on the estate had been blown up, because of the death duty (inheritance tax). —Rachel Syme, The New Yorker, 14 Mar. 2024

The best way to avoid the inheritance tax is to manage assets before death. —Medora Lee, USA TODAY, 13 Feb. 2024

There’s no capital gains tax, no inheritance tax, and property taxes are low—budget around $1,500 per year in property taxes on a two-bed apartment in the capital, Montevideo. —Kathleen Peddicord, Forbes, 19 Feb. 2024

Maryland is the only state to impose both an estate tax and an inheritance tax. —Medora Lee, USA TODAY, 13 Feb. 2024

Other benefits include its clean air, high senior volunteering rate, and no estate and inheritance tax. —Sarah Yang, Sunset Magazine, 25 Jan. 2024

And half of the world’s billionaires live in countries with no inheritance tax on money given to children, according to a 2023 report from Oxfam. —Alicia Adamczyk, Fortune, 6 Feb. 2024

There were large inheritance tax payments and loans against their LG shares that didn’t comport with their understanding that Kwang-mo alone would shoulder the tax. —Victoria Kim, New York Times, 18 Dec. 2023

Word History

First Known Use

1841, in the meaning defined at sense 1

Legal Definition

inheritance tax

noun

: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax