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Death and Taxes: What’s Happening with the Estate Tax?

Death and Taxes: What’s Happening with the Estate Tax?

For the first time since 1916, there’s no federal estate tax in place. That’s because the tax was set to expire at the end of 2009, and Congress surprised everyone by not voting to extend it. So, for deaths in 2010, there is no federal estate tax, and inherited property may be subject to higher taxes under “stepped up” tax basis rules — for now, anyway. That could all change if (as a number of experts predict) Congress decides to…

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