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The federal estate tax does not apply to such a person's estate. A person who became a U.S. citizen otherwise even though resident in a U.S. territory at the time of death is subject to estate tax. [47] For U.S. estate tax purposes, a U.S. resident is someone domiciled in one of the United States or the District of Columbia at the time of death ...
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.
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Estate taxes are charged to an estate that surpassed the lifetime gift and estate tax exemption. This is a federal tax, but some states may also charge an estate tax as well. ... No inheritance ...
Congress initially passed the gift tax in 1932 at a much lower rate than the estate tax, a full 25% under the estate tax rate, while also providing a $50,000 exemption, separate from the $50,000 exemption under estate tax. [15]
The estate tax unified credit exclusion, which was $675,000 in 2001 but scheduled to increase by steps to $1,000,000 in 2006, was increased to $1,000,000 in 2002, $1,500,000 in 2004, $2,000,000 in 2006, and $3,500,000 in 2009, with repeal of the estate tax and generation-skipping tax scheduled for 2010. The maximum estate tax, gift tax, and ...
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In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax. Since the 1990s, the term "death tax" has been widely used by those who want to eliminate the estate tax, because the terminology used in discussing a political issue affects popular opinion. [63]
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