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The Vermont Estate Tax System. Vermont recently enacted new legislation that imposes a state estate tax regardless of whether there is a federal estate tax imposed. Under this new system, estates in excess of $2.75 million dollars are subject to tax (it is unclear whether lifetime gifts are included in this threshold).
Inheritance Tax States. You may owe tax on your inheritance if the decedent resided in one of seven states that have an inheritance tax. At the time of publication, the seven states are Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Tennessee.lthough there is no federal inheritance tax, you may have a tax liability if you sell an inherited asset at a later date. Your assetâs basis is its fair market value on the decedentâs date of death.