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The IRS death tax is determined by calculating the value of all the deceased’s assets, which is called the Gross Estate, and then making the necessary deductions, so that what is left is your Taxable Estate.
Your Gross Estate consists of the used value, not the purchase value, of your personal belongings and the current market value of real estate. Other counted property includes cash and securities, trusts, business interests, and annuities.
Taxable Estate is the amount of personal property remaining after deductions. Deductible items include debts (such as a mortgage), estate administration expenses, certain charities, and any property passed to a surviving spouse.
IRS death tax is due only for estates of a certain amount. Any estate with combined gross assets and prior taxable gifts required the filing of an estate tax return if the amount exceeds an amount set by federal tax law.
Your Gross Estate consists of the used value, not the purchase value, of your personal belongings and the current market value of real estate. Other counted property includes cash and securities, trusts, business interests, and annuities.
Taxable Estate is the amount of personal property remaining after deductions. Deductible items include debts (such as a mortgage), estate administration expenses, certain charities, and any property passed to a surviving spouse.
IRS death tax is due only for estates of a certain amount. Any estate with combined gross assets and prior taxable gifts required the filing of an estate tax return if the amount exceeds an amount set by federal tax law.
