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Coral Springs Florida Form 706: What You Should Know

B. Who has never filed for federal estate taxes on income (as defined in Section 2041 of the Internal Revenue Code), or gross income (as defined in Section 2041(a)(2) of the Internal Revenue Code), that is included in the gross estate for the year, but that was included more than once in a single gift made by them? Note : For all estates that have taxable gross estate in 2018, only those whose 2023 taxable gross estate amounts to 30,000 (25,000 for married couples filing jointly) or less are eligible to claim the personal exemption amount of no more than 4,050. If any taxable gross estate exceeds 30,000 in 2018, then the exemption amount for taxpayers must be calculated on a per-person basis, and is not to exceed 10,550 for all taxpayers. For estates less than 15,000: If a surviving spouse in a qualifying decedent's estate (within the meaning of state law) earned property of 15,000 or more in 2017, Form 706 will not be required of the surviving spouse if the surviving spouse paid more than 5,500 in federal estate tax and the surviving spouse's spouse paid more than 400 in state estate tax for the same taxable gross estate. If the surviving spouse did not pay any state or federal estate tax, Form 706 will not be required of the surviving spouse, if the surviving spouse paid no less than 1,000 in federal estate tax in every state and, for a surviving spouse, paid the same amount in federal estate tax in the same state as the state of the decedent's death and the surviving spouse did not pay any property or income taxes on the estate, including estate tax on income from sources without gross income. To claim the personal exemption amount: The spouse of a decedent who dies in a qualifying decedent's estate (within the meaning of state law) and whose federal estate tax exemption amount is less than 5,500 must claim it on the Form 706. The spouse of a surviving spouse in a qualifying decedent's estate who dies in a qualifying decedent's estate (within the meaning of state law) who has a personal exemption amount of less than 4,050 must choose to use the state alternative exemption amount.

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