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What is the current inheritance tax rate in Mass.? Is the…

What is the current inheritance...
What is the current inheritance tax rate in Mass.? Is the minimum still $1million? Is that amount likely to change in the near future? (I heard on the TV today that Trump plans to eliminate the Federal "death tax.")
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4/26/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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The applicable exclusion amount for Massachusetts estate tax purposes for a decedent dying in 2017 is still $1,000,000. I have not seen anywhere on the Mass tax site that there is any change pending.

The federal estate is $5,490,000.

If President Trump can get that changed it would only effect federal as Mass decoupled from federal back in 2003.

Please rate in a positive way (look for the STARS ) so I am credited with responding.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,718
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 9 months ago
Thanks for the info. A followup question what are the common deductions taxpayers use to reduce the taxable value of their estate? What is the average value of the estate which is taxed?

The estate would need to be valued at $5.49 mil right now for there to be any estate tax on the federal level and $1mil for your state.

Deductions for the estate are much like an individual but can include burial costs.

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