what is the illinois estate tax exemption for 2021
Best answer
$11.7 million
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What is the tax exemption amount for 2021 in Illinois?
The 2021 Federal estate tax, gift tax, and generation skipping transfer (GST) tax exemption amounts currently are $11,700,000.00. The 2021 Federal annual gift tax exemption remains $15,000.00, the same as 2020. The 2021 Illinois estate tax exemption amount currently remains $4,000,000.00, the same amount as 2020.
What is the estate tax exemption in Illinois?
The Illinois estate tax exemption is $4 million. This means that if someone passes away and their total estate is worth less than $4 million, the estate won have any tax liability. Does Illinois have a gift tax or inheritance tax?
Do I have to pay Illinois estate tax in 2022?
The Illinois tax is different from the federal estate tax, which is imposed on estates worth more than $12.06 million (for deaths in 2022). So even if your estate isn’t large enough to owe federal estate tax, it might still owe Illinois estate tax.
What is the maximum amount of estate tax exemption for 2021?
The amount of the estate tax exemption for 2021 For 2021, the personal federal estate tax exemption amount is $11.7 million (it was $11.58 million for 2020). This means that when you pass away, the value of your estate is calculated and any amount more than $11.7 million is subject to the federal estate tax unless otherwise excluded.