Have a Tax Question? Ask a Tax Expert
Hello, how are you?
The estate tax exemption is $5 million for year's of death 2010 and afterwards. As a result, your father will not owe federal estate tax.
In Minnesota, the estate tax exemption is up to $1,000,000. So he'll be taxed on $2 million.
So he won't pay any estate tax at all.
The number of heirs doesn't matter.
Please be sure to file form 706 (Federal) and M706 (Minnesota).
Let me know if you have any questions.
hm? I don't see anything you're typing - it comes back blank.
hm, still can't see anything
try sending me private mail maybe
what would the tax rate be on the 2 million
Hi, did you get my previous post?
homestead farmlands are exempt up to $4 million in Minnesota
as a result, his entire inheritance is inheritance tax free for both federal and state purposes
Here is the literature on the subject:
ok thanks ! this chat wouldnt work earlier
Sorry about that - I got kicked out of chat - had a hard time replying.
See the linkm I sent you - it describes MN legislation on farmland exemptions. Congrats you're in the clear - the inheritance is free from federal and state inheritance tax. :)