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Estate Tax Archives

Jackson estate entangled in tax battle

Florida residents might be surprised at the disparity between the IRS valuation of Michael Jackson's estate at the time of his death and the valuation claimed by representatives of his estate. Because of debts, legal entanglements, and other issues, Jackson's representatives suggest that he was worth only a little more than $2,000 at the time he died in 2009. Conversely, the IRS alleges that the celebrity's estate exceeds $434 million in value.

Managing estate taxes in Florida

Florida does not have an estate or inheritance tax, but wealthy residents of the Sunshine State may want to do some advance planning in order to reduce or eliminate their heirs' exposure to the federal estate tax. There are several ways that those who are concerned about losing some of their fortune to the authorities can reduce their overall burden. The federal estate tax exemption in 2016 is set at $5.45 million.

Executors need to think about unique tax problems

Pennsylvanians who have been named as an executor under a will are responsible forĀ attending to any outstanding tax obligations left behind by the testator. They need to start by filing the final income tax return for the year of the decedent's death. If the decedent was married, the Form 1040 can be filed as a joint return. If there are unpaid medical expenses, they can be deducted if the amount is in excess of the applicable percentage of adjusted gross income. However, it may be more prudent to deduct them on the estate's federal estate tax return if the value of the estate exceeds the exemption, which is $5.45 million in 2016.

Tax form changes proposed by the AICPA

Florida residents who are serving as an executor under a testator's will should be aware that the American Institute of Certified Public Accountants is pushing for changes to IRS draft form 8971, which discusses the rules governing beneficiaries who acquire property from a decedent. The AICPA also sent a letter to the IRS requesting more guidance on basis reporting that occurs between estates and beneficiaries.

Estate and gift taxes: What changes are coming in 2016?

Giving and receiving gifts plays a big role during the holidays, whether we are picking them out for loved ones or tearing off wrapping paper to open one for for ourselves. However, some of the most important gifts are those that cannot be picked up at the mall or unwrapped.

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