Taxable Estate

DEFINITION of 'Taxable Estate'

The total value of a deceased person's assets that are subject to taxation - minus liabilities and minus the prescribed tax-deductible portion of assets left behind by the deceased.

BREAKING DOWN 'Taxable Estate'

The following items can be deducted to determine the taxable portion of the estate: funeral expenses paid out of the estate, debts owed by the deceased at the time of death and value of the assets passed on to the deceased's spouse. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself.

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RELATED FAQS
  1. All of the following are allowable deductions used in determining taxable estate ...

    A. funeral expenses. B. debts owed at time of death.C. gift tax credit used during life.D. the value of property that passes ... Read Answer >>
  2. How much are the taxes on a $10,000 life insurance policy?

    The owner of the policy is deceased.  ... Read Answer >>
  3. Is the money I received from my deceased brother's checking and savings accounts ...

    In one bank, he had my name on the accounts. In another bank, he had me as a POD. ... Read Answer >>
  4. Do beneficiaries pay taxes on life insurance?

  5. How are life insurance proceeds taxed?

  6. My husband left his ex-wife as his retirement plan beneficiary. Can this be changed?

    Even when assets are divided following a divorce, in many cases, former spouses and heirs engage the services of attorneys ... Read Answer >>
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