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For persons dying in 2023, the federal exemption for Federal Estate Tax purposes is $12,920,000. The exclusion amount for Illinois Estate Tax purposes is $4,000,000. The exclusion amount is a taxable threshold and not a credit against tax.
The Illinois estate tax applies to estates exceeding $4 million. On top of this tax, the estate may be subject to the federal estate tax.
The exclusion amount for Illinois Estate Tax purposes is $4,000,000. The exclusion amount is a taxable threshold and not a credit against tax. If an estate’s gross value exceeds $4,000,000 after inclusion of adjusted taxable gifts, an Illinois Form 700 must be filed, whether or not a Federal Return is required by the Internal Revenue Service.
Most states do not charge estate taxes. However, Illinois does. This guide explains how the Illinois estate tax works, who may owe money and what you can do to try to minimize what your...
For persons dying in 2022, the Federal exemption for Federal estate tax purposes is $12,060,000. The exclusion amount for Illinois estate tax purposes is $4,000,000. The exclusion amount is a taxable threshold and not a credit against tax.
Does Illinois have an estate tax exemption? The Illinois estate tax exemption is $4 million. This means that if someone passes away and their total estate is worth less than $4 million, the estate won’t have any tax liability.
The federal estate tax regime allows a surviving spouse to use the deceased spouse's unused portion of the exemption—a feature called "portability." However, Illinois' estate tax does not offer portability between spouses; each spouse has an exemption amount of $4 million.
Illinois imposes an estate tax on estates exceeding the $4 million threshold with progressive rates up to 16%. Importantly, Illinois does not offer portability, which means any unused portion of the exemption cannot be transferred to a surviving spouse.
The Illinois estate tax has a significantly lower exemption and broader reach than the federal estate tax system. The exemption threshold for Illinois estate tax has been set at $4 million since 2003, which is notably lower than the 2024 federal estate tax exemption of $13.61 million.
This annual exemption is available for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a ...