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estate tax |
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estate tax n. generally a federal tax on the transfer of a dead person's assets to his heirs and beneficiaries. Although a transfer tax, it is based on the amount in the decedent's estate (including distribution from a trust at the death), and can include insurance proceeds. Currently such federal taxation applies to the amount of an estate above $600,000, or as much as double that amount if the estate is distributed to a wife. Some states have an estate tax, more commonly called an inheritance tax. |
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As a result, during the trust term the grantor can claim an income tax deduction for any real estate taxes he or she pays. Because of the immediacy of the 421-a benefit, said Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month--compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption. On their 2001 joint return, they deducted their proportionate share ($10,489) of the housing corporation's real estate taxes from their adjusted gross income. |
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Estate taxes
