Estate Tax Exemption 2024 Per Person Income Tax

Estate Tax Exemption 2024 Per Person Income Tax. If you have to include income in respect of a decedent in your gross income and an estate tax return (form 706) was filed for the decedent, you may be able to claim a deduction for the estate tax paid on that income. How can i maximize the estate tax exemption before the tax cuts and jobs act provisions expire?

For an estate worth $13.7 million with a 2024 exclusion limit of $13.61 million, estate taxes would be levied on $90,000 of the estate. The federal estate tax exemption amount went up again for 2024.