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Taxable Estate

What is a Taxable Estate?

It is the valued worth of a deceased person's income that may be have to be paid back due to taxes. It is then deducted from the liabilities and parts of the income that are tax-deductible that the person that died left behind. Funds for the funeral, any money that is owed by the person that died, and any assets left to the spouse are all items that can be deducted to get an estimate of the portion of the estate that is taxable. Any time a person is dealing with taxes, there are many questions that could come up and the person may not know where to turn for the answers. Read below where Experts answer questions on taxable estates.

If a person died and the taxable estate for New York State is $1,321,000; what is the amount of estate taxes that are to New York State?

If the person did not file for the Federal estate tax; then the person will not have to file a New York tax return if an amount of $345,800 on the Federal Form 706 that are on pages 1,2,and 8. If the 8th line does not pass the amount of $345,800 at the time of figuring establishing how much credit is left; then taxes will not have to be paid.

What's the difference between a probate estate and taxable estate?

There are life insurances that pay money to the people that are recipients of an estate that have to estate taxes, but will not have to pay to the probate, no form of inheritance tax, and the income taxes for the estate. On the other hands, there are life insurances that pay money to the estate that may charge probate taxes, but they will not have to pay the taxes for the estate income because it is not considered to be a form of income.

What is the percentage of the Inheritance Taxes in New York?

There is not an Inheritance Tax in the United States. If a person receives any sort of inheritance from anyone then it is considered to be tax-free to the person receiving the inheritance. In order, to get the inheritance tax free; the estate taxes have to be paid off. Neither the U.S. nor New York has an inheritance tax. In some cases, the United States government will send information stating if the estate taxes have been paid or not.

If a person’s spouse is a United States Green Card holder and the other person is a United States citizen; what will happen in the event that the United States citizen dies?

If the United States citizen dies then the income that the person has will part of that person’s estate. In order for the spouse that’s a Green Card holder to receive benefits from the other person; both will have to be a citizen of the United States. Tax can’t be charged to inheritance taxes.

There are certain items that taxed to an estate. There are people that are confused about what the taxable estates are. What is Taxable Estates? What are the deductions from the Taxable Estates? There are many forms of taxes and Experts are here to help discuss questions that would like to be answered involving the taxable estate.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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3 Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Taxable Estate Questions

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    I am thinking about doing a deed in lieu of foreclosure. I would like to know what my tax obligations would be based on this. I have read online that if you are insolvent then I perhaps would not have to pay taxes on this. I do not have many assets I only have 3 thousand dollars in the bank and 2 cars under my name one is worth 4 thousand dollars and the other is worth 8 thousand dollars. My mortgage balance at the moment is 350 thousand and the bank will take the house back for 240 thousand. My income yearly is about 40 thousand. My wife makes about 30 thousand a year and we file taxes jointly but she is not on the house, I had it before our marriage.
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    I have moved from Palm Desert California to Mexico, do I still need to pay California taxes?
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