Tag Archives: federal estate tax exemption
Funeral Costs Can Be Deducted from Estate Taxes
Only estates worth more than the federal estate tax exemption are required to file a federal estate tax returns. For this reason, most can’t claim estate tax deductions. Estates that are subject to the federal estate tax, however, can use various deductions, including funeral expenses, to reduce the estate’s overall taxable income. Funeral expenses are […]
Could the Inheritance Tax Make a Comeback?
The federal estate tax exemption has increased for decades, but in the midst of a deadly pandemic, there is a possibility the exemption will be significantly reduced. The inheritance tax dropped off significantly in the 1970s. Today, it only accounts for about .5% of tax revenue in countries where it is still used, according to […]