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How to calculate the taxable estate?

The federal estate tax can generally be determined as follows: Add the values of property included in the gross estate; Subtract all allowable deductions from the gross estate; Add taxable gifts made after December 31, 1976, except for gifts that are already included in the gross estate;

What value will be used for estate tax purposes?

Estate Taxes: An Overview That means any appreciation in the estates assets over time will be taxed, but it protects those who inherit assets that have dropped in value. For example, if a house was bought at $5 million, but its current market value is $4 million, the latter amount will be used for tax purposes.

Do beneficiaries pay federal estate tax?

Federal and state estate taxes are paid from the assets of your estate before the remaining assets can be distributed to your heirs. The executor or the trustee of a qualified grantor trust is responsible for filing the applicable federal and state estate tax returns and ensuring that all taxes are paid from estate.

What was the estate tax exemption in 2004?

The exemption amount for estates increased from $675,000 for 2001 deaths to $1.0 million for 2002 deaths to $1.5 million for 2004 deaths (Figure A). The exemption increased to $2.0 million for 2006 deaths and will rise to $3.5 million for 2009 deaths. For 2010 deaths, no estate tax will apply.

How is the use tax calculated in Maine?

The Maine consumer use tax rate is 5.5%. If you are unsure of the exact amount of use tax that you owe to Maine, you may multiply your Maine Adjusted Gross Income by . 04%.

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