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estate tax
(redirected from Estate taxes)

    Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.09 sec.
estate tax: see inheritance tax estate tax, which is a tax levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and is determined by the amount of property received by the beneficiary, as well as by his or her relationship to the deceased.
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estate tax

Levy on the value of property changing hands at the death of the owner, fixed mainly by reference to its total value. Estate tax is generally applied only to estates whose value exceeds a set amount, and it is applied at graduated rates. An estate tax was first instituted in the U.S. in 1898 to help finance the Spanish-American War; it was repealed in 1902 but permanently reimposed in 1916, initially to help finance mobilization for World War I. Methods of avoiding estate tax (e.g., gifts and trust funds) were largely foiled by the U.S. Tax Reform Act of 1976.



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As a result, during the trust term the grantor can claim an income tax deduction for any real estate taxes he or she pays.
The ABCs of QPRTs: a properly structured trust can freeze the value ... by King, James P. / Journal of Accountancy
Because of the immediacy of the 421-a benefit, said Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month--compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption.
421-a right away at The Capri by Real Estate Weekly
On their 2001 joint return, they deducted their proportionate share ($10,489) of the housing corporation's real estate taxes from their adjusted gross income.
Cooperative unit owner denied AMT property tax deduction by O'Driscoll, David / The Tax Adviser
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