Estate Tax Basics

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Summary: Need online tax help? Get tips for understanding estate taxes in this free video clip about tax deductible items.

Views: 590 | Tags: online, service, help, filing, internal, forms, files, taxes, tax, deductions, deductibles, ira, revenue

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About the Expert

Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more

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Video Transcript

Estate Tax Basics

Hi, Tom Choisnet, enrolled agent. I'm going to talk now about estate tax basics. It's important that people understand a little bit about what's going on with estate taxes. It's in a flux of change, and the present rule, two million dollars of estate is exempt from tax. Given the high rate of inflation and the values that are present in the housing in some of the high dollar areas, it's very easy to run over two million dollars. This comes into play when either a single person or the survivor of a marriage passes on. If the estate exceeds two million dollars, the rate is 45%, so it's very steep and this is where it's important that a gifting program be done to minimize the estate. So as the estate approaches two million dollars, care should be given to plans to divert some of the assets to the ultimate heirs, and save that estate tax. Thank you for watching, I'm Tom Choisnet.