Legal Question in Wills and Trusts in Iowa
My father may pass on soon and im looking at being willed 80 acres of farm land here in Iowa valued at around 1,000 to 2,000 dollars an acre.
What am i looking at in state and federal inheritance or estate taxes?
Asked on 4/17/10, 5:28 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
This is not really my strong suit, but estate taxes do not kick in until you get past $700,000. It is levied against the estate of the decedent so if his net worth does not exceed that amount there'll be no estate tax.
Answered on 4/23/10, 4:26 pm
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