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Estate tax is a tax assessed on the estate itself. Estates of individuals with assets greater than $13.61 million (in 2024) are subject to federal taxes on the amount over that threshold.
Amounts above that figure are subject to a 40% tax in the form of either a gift tax or estate tax, depending on when the money was transferred. ... Tax-Free Inheritance: IRS Portability Rule ...
When someone dies, states might impose an inheritance tax on money transferred from the deceased person's estate to the heirs or surviving family members. Unlike estate taxes, which can be levied ...
Proponents of the estate tax argue that it serves to prevent the perpetuation of wealth, free of tax, in wealthy families and that it is necessary to a system of progressive taxation. [65] A driving force behind support for the estate tax is the concept of equal opportunity as a basis for the social contract. This viewpoint highlights the ...
Louisiana: abolished inheritance tax in 2008, for deaths occurring on or after 1 July 2004 [72] New Hampshire: abolished state inheritance tax in 2003; abolished surcharge on federal estate tax in 2005 [73] Utah: abolished inheritance tax in 2005 [74] Some U.S. states impose inheritance or estate taxes (see inheritance tax at the state level):
An update to the IRS's portability rule will help wealthy American families save a lot of money on taxes when they leave behind inheritances to heirs. See: Ways You Can Lose Your Social Security...
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