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What deductions are available to reduce the Estate Tax?

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Summary:

Marital Deduction: One of the primary deductions for married decedents is the Marital Deduction.

Answer:

Marital Deduction: One of the primary deductions for married decedents is the Marital Deduction. All property that is included in the gross estate and passes to the surviving spouse is eligible for the marital deduction. The property must pass "outright."

1. In some cases, certain life estates also qualify for the marital deduction.

2. Charitable Deduction: If the decedent leaves property to a qualifying charity, it is deductible from the gross estate.

3. Mortgages and Debt.

4. Administration expenses of the estate.

5. Losses during estate administration.

Notes:

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