Does Missouri have an inheritance tax?

Asked 11 months ago - Wentzville, MO

My father had a Will and Beneficiary Deed leaving his house to his 5 children. The house has been sold and the funds distributed. Is there an inheritance tax in Missouri? Are children of the decedent exempt? Is there an amount of inheritance that is too low for taxation?

Attorney answers (3)

  1. Stuart L. O'Brien

    Contributor Level 10

    1

    Lawyer agrees

    Answered . You don't need to worry about estate taxes. The federal exemption is 5.12 MILLION. However, this is not really an estate tax question. The house passed to you pursuant to the beneficiary deed. Not a taxable event. Your interest accrued to you on the date of death with a "stepped up" basis to date of death value. An increase in value from date of death to date of sale may be a taxable event but only as to the increased value. In summary, You're fine, just let your tax guy (or gal) in on the details when you file.

    INDEPENDENT LEGAL ADVISE IS RECOMMENDED. The forgoing opinion is based upon limited and hypothetical information.... more
  2. Steven M Zelinger

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . I am not licensed in MO - but a quick bit of research appears to indicate Missouri doesn't collect an estate or inheritance tax.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  3. Donald Joseph Quinn II

    Contributor Level 15

    Answered . Missouri's inheritance tax would only come into play if you owed federal estate taxes. It doesn't look like you are going to have tax liability. Please contact a tax expert to confirm this.

    Legal disclaimer: This answer does not constitute legal advice. I am admitted to practice law in the State of... more

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