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Last Updated April 9, 2009 |
Internal Revenue ServiceThe Estate Tax
The Estate Tax, sometimes called the "Death Tax," is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your "Gross Estate." The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets. |
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Last Updated April 9, 2009 |
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Internal Revenue Service The IRS has compiled these fourteen FAQs to help taxpayers understand the working of the federal estate tax. This tax, also known as the "Death Tax," is levied on property transferred at death. |
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Last Updated April 9, 2009 |
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Internal Revenue Service These twelve FAQs address some common issues that taxpayers need to understand about the federal gift tax. In summary, this is a tax on the transfer of property by one individual to another where nothing, or less than full value, is received in return. |
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Written by Laura A. Lipinski, Esq.
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Last Updated April 9, 2009 |
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When Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001, it made many changes to the taxation of estates and gifts. The federal estate tax exemption allows individuals to pass a certain value of assets free from estate tax at death. For individuals dying in 2009, the exemption is set at $3,500,000. Under current law, there will be no tax assessed against the estates of individuals who die in 2010, but there will be a limited amount of basis step-up which can be applied to assets. In an interesting twist, in 2011 (unless Congress and the President act) the estate tax as it existed under the previous law returns, and the amount of the exemption will return to $1,000,000. |
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