Estate Taxes

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NY Estate Tax Return

$1M exemption state. An estate needs to have more than a $1M to be taxed

which estates must file

Estates over the yearly exemption; $5.120M/2012, $5.25M/2013

Form 706

Used to file estate taxes

apportionment of estate taxes

all beneficiaries pay a percentage of the estate taxes unless otherwise specified

step-up in basis

alt value locks the assets at the lower alternate values

alternate valuation

cannot arbitrarily select a date--use either date of death or alternate valuation date

estate taxes

cash, securities, real estate, insurance, trusts, annuities, business interests and other assets--gross estate--includes probate and non-probate items

estate taxes

consists of accounting of everything you own or have certain interests in at the date of death

alternate valuation

date used instead of date of death

simple estates

do not require an estate tax return

9 months

estate tax returns is due ___ after date of death.

6 months

extension is available on request to file estate taxes

date of death

fair market value on the decedent's actual date of death

Form 1041/K1

federal form used to file fiduciary income taxes

estates over $5M

file taxes in 2010 and 2011

estate taxes

file using form 706

alternate valuation

general rule; 6 months after/from the date of death to value

Taxable estate

gross estate - deductions

CUSIP

identifies all stocks and bonds

alternate valuation exception

if asset is sold / converted to cash, the sale date becomes the valuation date

estate taxes

is a tax on your right to transfer property at death

NY Estate Tax Return

may be required even if one is not filed with the IRS/Federal because of the $1M exemption

estate taxes deductions

mortgages, other debts, estate administration expenses, property that passes to surviving spouses and qualified charities

estates over $5.120M

must file taxes in 2012

estates over $5.25M

must file taxes in 2013

estate tax treatment for joint assets

rebuttable presumption: can assume a fact but can prove otherwise

alternate valuation

relief to pay lower taxes; tax law permits you to take a different date to lower taxes

estate tax treatment for joint assets

survivor can exclude asset in whole or in part; spouses usually get taxed on 50%, non-spouses get taxed on a determined %

fiduciary income taxes

taxes on income from trusts--paid by the beneficiary--taxes first paid by estate, once gifted, paid by beneficiary--taxes must flow through from trust to beneficiary

estate taxes

the current fair market value of these items is used, not necessarily what the decedent paid for them or what the value was

calculation of stock value for estate tax purposes

use value of the stock either from the date of death of or the alternate valuation date


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