Estate Tax Exemption -Killer IRS Tax Information
The estate tax exemption was repealed at the end of 2009. That means, the federal estate tax exemption has been eliminated for those individuals who inherited property in 2010.The Congress may decide to reinstate the estate tax exemption in 2011. The amount of estate tax exemption is estimated at $1 million of your estate taxes. The rate of 55% may apply for the rest of your taxable estate property.