How do I calculate estate tax for my inheritance?
An example of an AI chatbot conversation about estate tax calculation.
How do I calculate estate tax for my inheritance?
To calculate estate tax, you'll need to determine the total value of the estate, including assets and liabilities.
What assets are included in the estate value?
Assets include real estate, bank accounts, investments, and personal property. Liabilities like debts should be subtracted.
Are there any exemptions or deductions I should know about?
Yes, there are federal and state exemptions. For example, the federal estate tax exemption is over $12 million as of 2023.
How do state laws affect estate tax calculations?
State laws can vary significantly. Some states have their own estate taxes with different exemption limits and rates.
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