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Gift, Estate, and Generation-Skipping Transfer Taxes

What Is My Taxable Estate?

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In general:

  • Your taxable estate is your gross estate (see immediately above) minus allowable deductions.
  • Allowable deductions include:
    • Funeral expenses paid out of your estate.
    • Administrative expenses of the estate, including commissions, attorney and accountant fees, court costs, and the expense of selling assets.
    • Debts owed at the time of death, including unpaid mortgages and taxes.
    • The marital deduction (generally the value of the property that passes from your estate to your surviving spouse in an unlimited amount. NOTE: If your spouse is not a U.S. citizen, this deduction is limited).
    • Charitable contributions with no limit.

To learn more, see: IRS Publication 950: Introduction to Estate and Gift Taxes offsite linkand Form 706: United States Estate (And Generation-Skipping Transfer) Tax Return, available at: offsite link. The instructions for Form 706 are available at: offsite link

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