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Estate tax - what is it?

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Answer:

U.S. Estate Tax Return, Form 706, must be filed for every U.S. citizen or resident decedent whose gross estate exceeds $3.5 million (raised from $2 million in 2008). The top estate tax rate is 45%.
Note: For 2010, there is no Estate tax and instead the Capital Gains tax is assessed on all deceased person's estates. However, in 2011, the Estate tax is currently scheduled to return. A rate of 55% will apply to all individually owned assets over $1 million ($2 million for married couples).

First answer by Tax Info Desk. Last edit by Tax Info Desk. Contributor trust: 0 [recommend contributor ]. Question popularity: 1 [recommend question].

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Relevant answers:

What is an estate tax?
The phrase 'estate tax' means a tax on the estate of the deceased person
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