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I assume you mean the estate tax, not the inheritance tax. (There is a federal estate tax, but no federal inheritance tax.)
The federal estate tax will be abolished in 2010.
And (unless the law is changed) it will be reinstated in 2011 and the exclusion amount will drop from the $3.5 million in 2009 to $1 million in 2011.
Note that this does not apply to state estate or inheritance taxes. Because of the craziness on the federal level, many states have been revising their estate taxes to decouple them from federal changes.
***Caution*** Before making any plans to die in 2010 in order to take advantage of the estate tax repeal, be aware that this situation is very fluid and the law could be changed.
What else can I help you with?
Is there inheritance tax for 2010?
there is no inheritance tax in 2010
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
What is inheritance tax limits?
Inheritance tax limits are basically limits of tax that the company has to pay from the inheritance of the dead. This would then regulate the inheritance rate from the life insurance.
Does WA have an inheritance tax?
Washington state replaced its inheritance tax with an estate tax in 1982.
Who can tell me what is inheritance tax?
Inheritance tax is the tax that you have to pay if you gain some kind of income through an inheritance fund. It is like adding to the income you gain through inheritance.
Is there inheritance tax for 2010?
there is no inheritance tax in 2010
Does Arizona have an inheritance tax?
No, Arizona does not have an inheritance tax. Inheritance tax is a state tax that is imposed on the beneficiary of an inheritance, while estate tax is imposed on an estate before it is distributed to beneficiaries.
Does Minnesota have an inheritance tax?
No. Minnesota does not have an inheritance tax.
Pay tax on inheritance in Canada?
do you have to pay tax on inheritance
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
Are payable on death accounts subject to inheritance tax in Indiana?
The tax laws vary by state. Only 11 states have an inheritance tax. The rules are going to vary. Please consult an attorney in your state for specific details.
Do you have to pay inheritance tax in Florida?
In Florida, there is no state inheritance tax, so beneficiaries do not have to pay inheritance tax on assets they receive.
Is there inheritance tax in Tennessee?
Effective beginning in 2016 Tennessee eliminated the state inheritance tax.
What is inheritance tax limits?
Inheritance tax limits are basically limits of tax that the company has to pay from the inheritance of the dead. This would then regulate the inheritance rate from the life insurance.
Does West Virginia have an inheritance tax?
West Virginia does not have an inheritance tax.
Does WA have an inheritance tax?
Washington state replaced its inheritance tax with an estate tax in 1982.
Who can tell me what is inheritance tax?
Inheritance tax is the tax that you have to pay if you gain some kind of income through an inheritance fund. It is like adding to the income you gain through inheritance.
