The maximum amount of exemption from inheritance tax, inheritance tax deduction, and exemption is 550 million won if there is no spouse.

The inheritance tax exemption limit is 500 million won for the heirs without a spouse, 700 million won for a spouse alone, and 1 billion won for a spouse and other heirs.

If the inherited amount is less than a certain amount, an inheritance deduction applies.

Inheritance tax reduction methods include paying hospital fees for tax saving, tax savings through the deduction of a spouse's inheritance, and preparing for inheritance taxes through insurance.

It is also important to give a distributed donor once every 10 years.

The gift tax exemption limit is 50 million won except for spouses, family members 50 million won, and other 10 million won.

Donation tax taxation methods include a 10-year deduction of donation property, which is divided into 10-year grants, or a skipping generation that skips child generation and gives to grandchildren.

In this case, however, it is not illegal to pay a 30% tax penalty.

The calculation method is based on the inherited taxable value after deducting non-taxable and taxable non-taxable income from total inherited property value, subtracting utility bills, funeral expenses, and liabilities, and then adding the pre-assigned property value.

The deduction of inheritance deductions and appraisal fees is the tax base.

Inheritance Tax Inheritance ranks are first-class descendants and spouses, second-order immediate spouses and spouses, third-ranked siblings, and fourth-ranked collaterals within four villages.

The Inheritance Tax Calculator is available on the Internet.

To calculate the gift tax, you can use the gift tax automatic calculator on the detail page after clicking mock calculation on the home tax main page of the National Tax Service.

Taxes imposed on property transferred free of charge by death.

Inheritance tax returns and reporting methods are available at IRS Hometex.

Inheritance tax is a one-time payment principle, but if it is a requirement, installment or annual payment is possible.

Cash payment is the principle, but credit cards can also be used.

Required documents for the inheritance tax shall include the standard for taxation of inheritance tax and self-payment statement, the statement of inheritance and its evaluation statement, the certificate of family relations, the documents for funeral expenses and debt inspection, the documents for proof of expenses, etc.

Within six months from the end of the month.

You can deduct 7% of the tax you owe.

Gift tax returns can also be made at the IRS Home Tax.

The gift tax filing deadline must be no later than three months after the end of the month in which the property is bestowed.

The gift tax deduction can be deducted as the greater of the combined deduction and 500 million won if inheritance begins due to the death of a resident.

It is applied separately from the spouse's inheritance deduction.

The gift tax shall be reported and paid by the recipient to the tax office of the jurisdiction of the recipient of the gift within three months of the end of the month in which the donation date falls.

If you report within this period, you can deduct 10% of your tax.

Like the gift tax, the inheritance tax deduction can be deducted from the sum of 200 million basic deductions and other deductions, or the larger of 500 million won.

The inheritance tax is paid on a date and time basis, divided into two installments, and paid annually.

Collective deduction is intended to minimize the inheritance tax in order to allow the heirs to live a stable life after the death of the heir, taking into account the various circumstances of the heirs.

The inheritance tax deduction is a benefit that can be deducted from the sum of the basic deduction (200 million) and other human deductions, and the larger of 500 million won.

In principle, the payment of inheritance tax is a one-time payment. However, if certain requirements are established to facilitate inheritance protection and tax obligations by distributing the heavy burden of payment due to one-time payment, partial payment is possible.

It is installment payment that is divided in two times, and annual payment is divided in long term.