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Learn what is involved when filing an estate tax return with the Massachusetts Department of Revenue (DOR). This guide covers how to file and pay your estate tax return; including how to calculate the maximum federal credit.
Massachusetts has its own estate tax, and rates can vary up to 16%. However, this estate tax only applies to estates valued over $1 million.
Massachusetts estate tax returns are required if the gross estate, plus adjusted taxable gifts, computed using the Internal Revenue Code in effect on December 31, 2000, exceeds $1,000,000 for dates of death prior January 1, 2023, or exceeds $2,000,000 for dates of death on or after January 1, 2023. YouTube. Twitter. Facebook.
First, on October 4, 2023, a new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million.
What Is the Massachusetts Estate Tax Rate? If your estate owes estate tax, how much will it actually owe? In Massachusetts, the estate tax rate is based on a historical federal credit for state death taxes.
The value of the estate over $2 million is subject to tax at rates ranging from 8% to 16% for estates over $10 million. Here are a few things to consider with respect to your own estate when thinking about whether and how this new estate tax law impacts you and your family. 1.
In Massachusetts, an estate tax is generally applied to estates which exceed $1 million, based on a progressive rate scale, with rates starting at .08% and increasing to 16%.