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The estate tax in the United States is a tax on the transfer of the estate of a deceased person.
The tax applies to property that is transferred via a will or according to state laws of intestacy.
To these interests are added the following property interests generally not owned by the decedent at the time of death: The above list of modifications is not comprehensive. 17, 2010), as amended by section 101(c)(1) of the American Taxpayer Relief Act of 2012; see "Instructions for Form 706 (Rev.
As noted above, life insurance benefits may be included in the gross estate (even though the proceeds arguably were not "owned" by the decedent and were never received by the decedent). August 2013)," page 5, Internal Revenue Service, U. Dep't of the Treasury, at (PDF) The tentative tax is reduced by gift tax that would have been paid on the adjusted taxable gifts, based on the rates in effect on the date of death (which means that the reduction is not necessarily equal to the gift tax actually paid on those gifts).
The 2010 Act changed, among other things, the rate structure for estates of decedents dying after December 31, 2009, subject to certain exceptions.
The estate tax is one part of the Unified Gift and Estate Tax system in the United States.The return must contain detailed information as to the valuations of the estate assets and the exemptions claimed, to ensure that the correct amount of tax is paid.The deadline for filing the Form 706 is 9 months from the date of the decedent's death.At his wife's subsequent death, she can use her million credit plus the remaining million of her husband's).
If the estate includes property that was inherited from someone else within the preceding 10 years, and there was estate tax paid on that property, there may also be a credit for property previously taxed.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 authorizes the personal representative of estates of decedents dying on or after January 1, 2011, to elect to transfer any unused estate tax exclusion amount to the surviving spouse, in a concept known as portability.