How do the estate, gift, and generation-skipping transfer taxes work? Q.How do the estate, gift, and generation-skipping transfer taxes work? A.The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation. Read more about How do the estate, gift, and generation-skipping transfer taxes work?
What is an inheritance tax? Q.What is an inheritance tax? A.A type of wealth transfer tax in which the recipient, rather than the donor’s estate, is taxed. Read more about What is an inheritance tax?
How many people pay the estate tax? Q.How many people pay the estate tax? A.About 4,100 estate tax returns will be filed for people who die in 2020, of which only about 1,900 will be taxable—less than 0.1 percent of the 2.8 million people expected to die in that year. Read more about How many people pay the estate tax?
