Estate and Gift Tax FAQs | Internal Revenue Service
https://www.irs.gov/newsroom/estate-and-gift-tax-faqs
Q. What Are Gift and Estate Taxes?Q. How Are Gift and Estate Taxes Figured?Q. How Did The Tax Reform Law Change Gift and Estate Taxes?Q. How Did The IRS Clarify The Law?Q. How Does The Special Rule Work?A. In general, the Gift Tax and Estate Tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. Any tax due is determined after applying a credit based on an applicable exclusion amount. A key component of this exclusion is the basic exclusion amount (BEA). The credit i...See more on irs.gov A. In general, the Gift Tax and Estate Tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. Any tax due is determined after applying a credit based on an applicable exclusion amount. A key component of this exclusion is the basic exclusion amount (BEA). The credit i...
A. In general, the Gift Tax and Estate Tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. Any tax due is determined after applying a credit based on an applicable exclusion amount. A key component of this exclusion is the basic exclusion amount (BEA). The credit i...
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