Estate Tax

Estate Tax is the tax incurred for transferring property at the time of death. Many estates do not need to worry about filing estate taxes since the minimum value is $2,000,000. The gift tax is included in estate tax to prevent large gifts before the time of death that would avoid the estate tax. Estate taxes can be as high as 46% of the market value of the property. The IRS expects taxes to be filed within nine months of death.