Estate Tax & IRS Archives

About Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return

The executor of a decedent’s estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips. Here is the IRS publication explaining Form 706: About Form 706, United States Estate

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Washington State Estate Tax Changes

Washington State Estate Tax – New Legislation Effective July 1, 2025 The following bullets summarize the estate tax changes in the State of Washington according to the Washington Department of Revenue. Applicable exclusion amount changes to $3,000,000. CPI calculation for the exclusion amount changes to the Seattle municipal area. Tax rates range changes to 10%

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Should I Take My Executor Fee?

Should I Take My Executor Fee? YES* * Yes you should take your executor’s fee. You likely had to manage life, grief, and estate administration, face challenge after challenge, be a cleanout expert, organizer, diplomat, and negotiator, and wear countless hats you never saw coming. It likely took hundreds of hours. But this is

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What is Step-up Basis? via Massey and Company CPA

What is Step-Up Basis | 5-minute read Step up Basis | Inherited Assets | Inheritance Taxes Step Up in Basis at Death: Essential Guide for Inherited Assets Click HERE for the original article by Gary Massey CPA Summary: “The step-up basis is a tax code rule that resets the value of an inherited asset

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IRS Publication 561: Determining Value of Donated Property

The Link: Publication 561 (02/2024), Determining the Value of Donated Property Source: The Internal Revenue Service Publication 561, per the page introduction, “is designed to help donors and appraisers determine the value of the property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to

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Estate Personal Property and the IRS

Personal Property Valuation | 3-minute read Appraisal of Estate | Valuation of household and personal effects | Estate Tax The valuation of household and personal effects, i.e. Personal Property of the decedent, is governed by US Law. Via the Cornell Law School’s Legal Information Institute, the section regarding “Valuation of household and personal effects” can be

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State Estate Tax/State Inheritance Tax

State Estate Tax and State Inheritance Tax| 5-minute read Estate Accounting| Estate Tax | Estate Fiduciary Main Link: SmartAsset: Estate Taxes by State; Inheritance Taxes by State First, state tax laws change. Therefore, the information in the link provided has not been verified by Executorium and is presented as a guideline. Accordingly, please consult an

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Iowa Senate passes inheritance reductions …

The Link: Iowa Senate passes inheritance, acceleration of income tax reductions bill despite fiscal dilemmas Date of Publication: March 18, 2021 Source: The Center Square Reading Time: 2 min The Iowa Senate has unanimously approved a bill that would gradually phase out the state’s inheritance tax, eliminating it entirely by 2024. Senate File 576,

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Yahoo Finance: Estate Tax Rates, Limits, Exemptions and Other Rules You Need To Know (Time Sensitive)

Link: Estate Tax Rates, Limits, Exemptions, and Other Rules You Need To Know The Source: Yahoo Finance Publication Date: Feb 10, 2021 Reading Time: 3 Min WARNING: Time Sensitive information. Please 1. Note date and 2. Confirm all legal, tax and financial information with an account or attorney. Yahoo Finance provides an overview of information

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