Divide this text into sentences and correct mistakes: - We're to talk about estate taxes. The state tax is something that is number one; it's not even an issue if the amount of the estate is less than the allowable credit. For 2008, you're allowed a two million dollar threshold for your estate. If it falls below two million dollars, then there won't be estate taxes on it. Another issue is if the estate is going to be willed to the surviving spouse. Then, there are no estate taxes at that time. It doesn't actually get taxed till it passes further down the line. If you need to calculate the amount of estate tax, you have to look at all the assets of the deceased. Whether it be houses, cars, proceeds from insurance, or a number of other things that would come to mind as being an asset. They would be considered property of the deceased and would fall into the total estate number. What you do is you calculate all of the proceeds, all the assets, and come up with a number. If it exceeds the two million dollar mark, then you have to start calculating what your taxes would be. But once you calculate the total value of the estate, then you get to look at what's deductible. Certain things are deductible from that estate. For instance, funeral expenses, the cost of probate, the attorney fees for probate, and those sorts of things are all deductible. Additionally, any outstanding debts, if there's a balance owed on a mortgage or a car, those are all deductible from the value of the estate. Once you get all your deductions together, you would take the total value of the estate less the unified credit of two million dollars. That gives you a...
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Video instructions and help with filling out and completing When Form 1041 Qft Deductible
