Death Taxes

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DEFINITION of 'Death Taxes'

Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the beneficiary that receives the property in the deceased's will; the tax amount is based on the property's value at the time of the owner's death. Also called death duties or inheritance tax.

BREAKING DOWN 'Death Taxes'

The term was first coined in the 1990s to describe estate and inheritance taxes by those who want such taxes eliminated.

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RELATED FAQS
  1. In which US cities do high-income earners pay the most tax?

    There are several different ways that cities tax high-net-worth (HNWIs) individuals. The most direct and obvious method is ... Read Full Answer >>
  2. Can I put my IRA in a trust?

    You cannot put your IRA in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and ... Read Full Answer >>
  3. How is cost basis calculated on an inherited asset?

    Typically, the cost basis on inherited assets is the fair market value as of the time of the decedent's death or actual transfer ... Read Full Answer >>
  4. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  5. What is the difference between comprehensive income and gross income?

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