marital deduction
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Marital deduction
A tax deduction that allow spouses to transfer unlimited amounts of property to one another.
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Marital Deduction
A deduction one may take when one transfers assets to one's spouse. All gifts and other transfers to a spouse are tax free; one may take advantage of this to reduce one's taxable income (within certain limits). Most marital deductions occur when one is planning one's estate.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
marital deduction
The deduction for tax purposes of property transferred between spouses. For estate and gift purposes, all transfers between spouses are free of federal taxation.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
marital deduction
For estate tax and gift tax purposes, the 100 percent deduction granted for assets passing to spouses.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.