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what is an estate tax
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∙ 15y ago
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Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
What is the inheritance tax for 2008?
There is no federal inheritance tax, but there is a federal estate tax. A few states have a state inheritance tax and each state sets its own tax rate. You may be seeking information about the estate tax (which taxes the value of an estate after someone has died). Be sure you know the difference.
Does nc impose estate taxes?
North Carolina does have an estate tax. They do not have an inheritance tax. It would be a good idea to consult a probate attorney in North Carolina. They will know how to reduce the tax liabilities of the estate.
Do executor fees reduce estate tax?
They are a cost to the estate and typically are a deduction from taxes or the total amount. Yes, they will reduce the estate tax. Consulting a CPA or tax attorney would be a good idea!
What tax is collected after a person dies?
The deceased person's estate is subject to inheritance tax. All monies within the estate above a set amount determined by the government is liable to a tax before funds are released to the beneficiaries
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Do indigents pay death tax?
"Death Tax" refers to an Estate Tax. If your estate is worth $1,500,000 or less the estate is exempt from an estate tax. I assume most indigents don't have an estate that is worth that much.
Does estate get passed to the IRS?
The estate does have to file a tax return with the IRS. It is responsible for income tax and estate taxes
What tax is the same as an inheritance tax?
estate tax
Does Hong Kong have an estate tax?
Estate tax has been abolished in Hong Kong.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
What are North Carolina inheritances taxes?
North Carolina does not have an Inheritance tax and the Estate Taxesis related to the estate tax collection.There is no inheritance tax and the estate tax is related to federal estate tax collection.For further information, visit the North Carolina Department of Revenue site.
What is the difference between real estate tax and estate tax?
Real estate tax is tax that is levied on buildingsor other real estate that you possess, be it your own home, a holiday cottage, land or an office building.Estate tax is tax levied on the net worth of all your possessions. The term 'estate' is most commonly used to describe the possessions of someone who has died.
What has the author Jerome Ostrov written?
Jerome Ostrov has written: 'Tax and Estate Planning with Real Estate, Partnerships, and LLCs' -- subject(s): Estate planning, Law and legislation, Partnership, Private companies, Real estate investment, Real estate investment trusts, Tax planning, Taxation 'Tax Planning with Real Estate (Pli Press's Tax Law & Estate Planning Library) (Pli Press's Tax Law & Estate Planning Library)'
What is the meaning of Death Tax in the United States?
In the United States, death tax is otherwise known as Estate tax. The meaning of this death tax or estate tax is the taxable estate of a dead person. Meaning whether a home will be transferred by will or, by trust.
How can I figure out my estate tax rates?
Some states have their own estate or inheritance tax along with the federal estate tax. You will have to check with your tax professional to determine your tax liability. The best way to calculate your estate tax is to use an online calculator, such as one found at http://www.dinkytown.net/java/EstatePlan.html which lets you input all of the different tax variables and supplies you with your tax rate.
