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Estate Tax

Estate taxes - overview


Estate taxes are taxes based on the value of the estate you leave when you die. Estates valued at more than $5 million are subject to the federal estate tax. Some states use lower limits and other states charge no estate taxes at all. Any estate taxes that are due are usually paid for by the estate itself. This is different from inheritance taxes. They are state taxes that your heirs may be required to pay on the property they inherit.
Answer Provided by: CPAdirectory

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