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estate tax |
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Estate Tax A tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets left to heirs, but it does not apply to the transfer of assets to a surviving spouse. The right of spouses to leave any amount to one another is known as the "unlimited marital deduction". Notes: When the surviving spouse who inherited an estate dies, the beneficiaries may then owe estate taxes if the estate exceeds the exclusion limit. Because the estate tax can be quite high, careful estate planning is advisable.In 1997 a change in U.S. laws increased the value of assets that a beneficiary may exclude from federal estate taxes - though many states have their own estate taxes. In this change of laws, small business owners became able to pass on farms and other qualifying businesses to their heirs. Estate tax A federal or state tax imposed on an individual's assets inherited by heirs.
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As a result, during the trust term the grantor can claim an income tax deduction for any real estate taxes he or she pays. Because of the immediacy of the 421-a benefit, said Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month--compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption. On their 2001 joint return, they deducted their proportionate share ($10,489) of the housing corporation's real estate taxes from their adjusted gross income. |
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