Estate Tax

Estate tax - Unified Credit

Answer:

For decedents and gifts made in the current year, a unified credit is allowed which is the equivalent of a $5,120,000 dollar exemption is subtracted from the tax calculated on the taxable estate.
For 2012 the $5 Million exemption may be increased for inflation.
New for 2011 and 2012 is a concept named portability which allows a surviving spouse's estate to use any portion of the exemption amount not used by the other spouse’s estate.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Estate Tax Questions

View More Questions