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The estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. On December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act ...
The federal estate tax kicks in for estates worth over $13.61 million in 2024 and $13.99 million in 2025, but state estate taxes often have much lower thresholds.
The tax code of the United States holds that when a person (the beneficiary) receives an asset from a giver (the benefactor) after the benefactor dies, the asset receives a stepped-up basis, which is its market value at the time the benefactor dies (Internal Revenue Code § 1014(a)).
Gather Tax Information and Prepare Tax Filings One of the more potentially difficult tasks to undertake after someone dies is to file their last tax returns on their behalf.
“It’s not necessary that you were the person who paid the taxes; just that someone did,” she says. For 2025, estates worth more than $13.99 million are subject to the estate tax, up from $13 ...
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. [1] However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, [ 2 ] and ...