2006-11-12 16:36:38 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Currently, there is a Federal Estate Tax imposed on estates in excess of $2 million. In 2009 it will be on estates in excess of 3.5 million. In 2010 there is no Federal estate tax. But in 2011 the estate tax will reappear and will apply to estates greater than $1 million.
Some states also impose death taxes.
2006-11-12 22:04:26 · answer #1 · answered by NotEasilyFooled 5 · 2⤊ 0⤋
NotEasily is correct.
Currently, there are a lot of tax items that will go away (or sunset as they call it) in 2011. Many of these items will affect you and I personally (meaning higher individual taxes).
There were major tax bills put into place by the Bush administration which, given the current change in political force, stand to sunset. Some people will make a big fuss claiming that the benefits went all to the rich which is entirely not true. But then again, a lot of people don't like to look at the facts.
Sorry for rambling, but my point is that limits on things can easily change over a certain time period depending on how the provision was put into effect.
2006-11-13 09:20:16 · answer #2 · answered by Molly 6 · 0⤊ 0⤋
Inheritance taxes are a state issue. Most states have done away with them either all together or partially. You would have to check your state law.
2006-11-13 07:07:45 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
No, but it only affects estates somewhere in the millions.
2006-11-13 00:49:13 · answer #4 · answered by Judy 7 · 0⤊ 0⤋