I am one of 4 heirs to my aunt's estate. My cousin is executor and handling all the paperwork. The estate value is about $275,000. Does the estate pay income tax AND estate tax, or is estate tax part of the income tax return that is to be filed? My cousin is pretty close mouthed about all of this...he is a CPA, and knows what he's doing, but I am just trying to figure out how much I might end up with. I know there is something called "unified deduction" that is deducted from the calculated estate tax. Anybody in the know, please reply. This is in Michigan. The attorney on the case charges big bux just to answer a question, so I can't call him.
2007-03-21
22:19:55
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4 answers
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asked by
grumpyoldlady
3
in
Business & Finance
➔ Taxes
➔ United States