Widow's Exemption
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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. |
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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. |
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