Not sure but the easiest to change.
This is what it was in 2006-2008
For a person dying during 2006, 2007, or 2008, the "applicable exclusion amount" is $2,000,000, so if the sum of the taxable estate plus the "adjusted taxable gifts" made during lifetime equals $2,000,000 or less, there is no federal estate tax to pay.
Vs the current amount
As with other aspects of the tax code, the Tax Cuts and Jobs Act of 2017 significantly changed the way estate tax applies to Americans.1? The 2020 limit, after adjusting for inflation, is $11.58 million.2? Any funds after that will be taxed as they pass on to heirs, at a rate that varies by the amount being passed on. So, yes you could see this cut and may be higher in different States depending on how much they need new sources of tax revenues. |
