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The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased.
The federal estate tax exemption — also referred to as the estate tax exclusion — is $11.7 million per person as of 2021. A married couple can effectively leave behind $23.4 million combined.
Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions. Each state has its own forms and filing requirements. Tax authorities may examine and adjust gift and estate tax ...
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 ...
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
An attorney who specializes in estate planning in your state can help you structured your affairs so as little as possible will go to taxes. Let's take look at the laws in a handful of states ...