Losses and Expenses Deductible from the Gross Estate

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How Do I Calculate Estate Tax Liability

In order to calculate your estate tax liability, you must first figure out the amount of your taxable estate. The taxable estate is the gross estate less certain deductions. One of the deductions that the tax law allows is a deduction for certain expenses and losses of the decedent.

What Can Be a Deduction against the Gross Estate?

The following list of expenses and losses are allowed as a deduction against the gross estate of the decedent:

For estate administrative expenses, the executor has a choice of either taking the deduction against the estate tax or the income tax of the estate.

Do I Need an Estate Planning Attorney?

Consultation with an attorney experienced in estate planning is essential to crafting an estate plan that is sensitive to both your needs and those of your loved ones. A lawyer will know which type of will or trust is right for you and will do their best to limit your tax liability.

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Last Modified: 02-11-2014 02:44 PM PST

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