what is estate tac

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Tax on a person’s assets after death

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  • What is the estate tax?

  • The estate tax is a tax on a person’s assets after death. In 2020, federal estate tax generally applies to assets over $11.58 million. Estate tax rate ranges from 18% to 40%.

  • Who levies the estate tax?

  • The tax is levied by the state in which the deceased person was living at the time of their death. The estate tax is a financial levy on an estate based on the current value of its assets.

  • What is an’estate tax’?

  • Estate Tax. What is an ‘Estate Tax’. An estate tax is 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.

  • How does the federal estate tax work in the US?

  • How Federal Estate Taxes Work. As of 2019, the Internal Revenue Service (IRS) requires estates with combined gross assets and prior taxable gifts exceeding $11.4 million to file a federal estate tax return and pay estate tax as required.

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