Widow's Exemption

AAA

DEFINITION of 'Widow's Exemption'

In general terms, a widow's exemption refers to the amount that can be deducted from taxable income by a widow, thereby reducing her tax burden. In the U.S., it usually refers to the amount exempt from state inheritance taxes on a widow's share of her husband's estate. Since it is claimed as a deduction by the widow, it has the effect of reducing her inheritance taxes.

INVESTOPEDIA EXPLAINS 'Widow's Exemption'

Less frequently, the term may also apply to the amount of the property tax exemption offered to widows in certain states, such as Florida. A widow would not be eligible for this exemption if she remarries. A similar exemption is also offered to widowers in some other states.

RELATED TERMS
  1. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  2. Probate

    The legal process in which a will is reviewed to determine whether ...
  3. Beneficiary

    Anybody who gains an advantage and/or profits from something. ...
  4. Estate

    All of the valuable things an individual owns, such as real estate, ...
  5. Intestate

    The act of dying without a legal will. Determining the distribution ...
  6. Single Net Lease

    A commercial real estate lease agreement in which the tenant ...
RELATED FAQS
  1. What's the difference between regressive and progressive taxes?

    The U.S. federal tax system and local and state tax systems are complex in that they combine progressive, regressive and ... Read Full Answer >>
  2. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  3. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  4. What are the best and worst states to pay taxes in?

    Most people can probably guess the two worst states for taxation in the U.S. – New York and California. The two best, Wyoming ... Read Full Answer >>
  5. What are the potential pitfalls of owning REITs?

    Real estate investment trusts (REITS) are corporations, trusts or associations that own or finance income-producing real ... Read Full Answer >>
  6. How are real estate taxes calculated?

    Real estate taxes, or real property taxes, are the annual ad valorem taxes assessed by local governments on land and any ... Read Full Answer >>
Related Articles
  1. Home & Auto

    Why Your Will Should Name Designated Beneficiaries

    Find out how to make the tough decisions when it comes to choosing who will receive your assets and how they will be paid out.
  2. Retirement

    Ethical Wills Share Final Thoughts With Heirs

    This document allows a testator, the person making the will, to leave a personal legacy.
  3. Retirement

    6 Estate Planning Must-Haves

    You need an estate plan even if you don't have significant assets. Learn what you need to include in yours.
  4. Retirement

    How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.
  5. Home & Auto

    4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.
  6. Budgeting

    Will You Break Even On Your Home?

    Calculate how much your property will need to appreciate to cover the costs of owning it.
  7. Home & Auto

    Understanding Mortgage Impound Accounts

    Home buyers with low down payments may get stuck with higher mortgage payments. Find out what you get for the extra money.
  8. Retirement

    Downsize Your Home To Downsize Expenses

    Learn how to cut your mortgage, tax, gas and utilities bills.
  9. Home & Auto

    To Rent Or Buy? The Financial Issues

    Thinking of buying a home? We look at the initial and ongoing costs, as well as the so-called benefits.
  10. Investing Basics

    Investing In Property Tax Liens

    Property tax liens can be a viable investment alternative for experienced investors that are familiar with the real estate market.

You May Also Like

Hot Definitions
  1. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  2. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  3. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
  4. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  5. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  6. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
Trading Center