Who pays the estate tax? Q.Who pays the estate tax? A.The top 10 percent of income earners pays nearly 90 percent of the tax, with over one-fourth paid by the richest 0.1 percent. Few farms or family businesses pay the tax. Read more about Who pays the estate tax?
What is the difference between carryover basis and a step-up in basis? Q.What is the difference between carryover basis and a step-up in basis? A.The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time they inherited it. In some cases, the difference is a lot of tax liability. Read more about What is the difference between carryover basis and a step-up in basis?
How many people pay the estate tax? Q.How many people pay the estate tax? A.About 11,300 estate tax returns were filed for people who died in 2013, of which only 4,700 were taxable, less than 1 in 550 of the 2.6 million people who died in that year. Read more about How many people pay the estate tax?
