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Taxable estates must file estate tax returns. Returns must be filed for gifts over the exempt amount. Trusts and estates must file income tax returns if they have enough income. Final income tax returns must also be filed for a decedent. NOTE: There currently is no Federal or state estate tax or generation skipping tax. The gift tax is still in effect. Whether or not the estate and generation skipping taxes will be reinstated this year is not known. Many people expect that they will be reinstated, but what will happen is not known. What the rates and exemptions will be if the taxes are reinstated is also not known. Click here for more. || Back
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Donald M.
Thompson * 55 W. Monroe #3950; Chicago, IL 60603 |
