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Federal Estate Taxes

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Rumelhardt

Junior Member
What is the name of your state? Minnesota

My brothers and sister inhereted $800,000. recently and wish to know if the $600,000. limit still applies and we'll be taxed over that amount or if the limit is now $2,000,000. as I thought it had changed.What is the name of your state?
 


anteater

Senior Member
Yes, the federal exclusion amount increased to $2,000,000 beginning in 2006.

As I recall, there is something funky about the Minnesota estate tax - a lower exclusion amount than the Feds, I think. You need to check that out with a local tax professional or estate attorney.

In any event, the estate should be doing the returns and paying any tax due before distributing assets to the beneficiaries.
 

LdiJ

Senior Member
What is the name of your state? Minnesota

My brothers and sister inhereted $800,000. recently and wish to know if the $600,000. limit still applies and we'll be taxed over that amount or if the limit is now $2,000,000. as I thought it had changed.What is the name of your state?
The exclusion amount is 2 million now.
 

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