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estate tax
(redirected from Estate taxes)

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.03 sec.

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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