Other Tax Issues of Interest
Estate Tax
Estate tax will apply to your taxable estate at your death. Your
taxable estate is your gross estate less allowable deductions.
If you have not used any of your unified credit to eliminate gift
taxes, no estate tax will have to be paid unless your taxable estate is more than
$675,000.
Gross
Estate
Taxable
Estate
Filing
an Estate Tax Return
If you think that your taxable estate plus the total amount
of taxable gifts you give during your lifetime will be more than
$675,000, you may want to consider consulting a qualified estate
tax professional. You may also want to get Form
706 and its instructions.
Estate Tax Return Filing Requirement Increases
Generally, an estate tax return must be filed for the estate of a
U.S. citizen or resident dying in 1999 if the gross estate is more than
$650,000. The following table lists the filing requirement for
estates of descendants dying after 1999.
Filing Year of Death Requirement:
2000 and 2001 675,000
2002 and 2003
700,000
2004
850,000
2005
950,000
After 2005
1,000,000
Important References
Publication
950
Estate and Gift Taxes
Form
706
United States Estate (and Generation-Skipping Transfer) Tax Return
Instructions
for Form 706