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Federal Estate Tax Exclusion

A unified credit is available for gift and estate taxes.  The credit offsets tax up to the applicable exclusion amount or exemption amount.  The exemption amount was set at $5 million in 2011 and was indexed for inflation in later years.  The federal estate tax exclusion amount for 2017 was $5,490,000 ($10,980,000 for married taxpayers).  In 2018, the exemption amount was subject to the doubling of the base exemption from $5 million to $10 million and was $11.18 million per person ($22.36 million for Married Filing Jointly).  In 2019 the exclusion amount was adjusted upward to $11.4 million per person ($22.8 million for Married Filing Jointly). The marginal tax rate for income in excess of the exemption amount remains at 40%.

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Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

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