An estate tax is defined as federal tax on the transfer of assets owned by the estate of a person who has died. Depending on how much you owe when you die , your estate may have to pay estate taxes before your assets can be full distributed. Estate taxes are different from and also in addition to probate expenses and final income taxes owed on income you recieve in the year you die. It is also important to note that they are also seperate from inheritance taxes that are collected from certain states. Federal estate taxes may be due on estates greater than $1,000,000.00. But there is no limitation on the amount of property that is left to a spouse. In California there is no inheritance tax. An inheritance tax is a tax levied by states on inherited property and paid by the person recieving the property. Another type of tax that exists in regards to real estate is known as the gift tax. This is a tax that can be due when you give a property or other assets to someone. Federal tax allows a donor to give $11,000.00 per year to any number of donees with no gift tax due. Here in California there are no gift taxes.
Has anybody on here been a recepient of a property or a major asset?
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