Which of the following estates will need to file a federal estate tax return assuming that the decedent died in 2026:An unmarried decedent owned property worth $3,400,000?Assuming the mortgage is deductible, an unmarried decedent owned real estate worth $12,000,000 subject to $4,000,000 mortgage?An unmarried decedent owned property worth $11,000,000 and had made taxable gifts in 2004 of $1,000,000?A married decedent owned a house worth $12,000,000 jointly with her spouse? (Assume ½ of value will be included in the decedent’s taxable estate.)

Question
Asked Sep 16, 2019
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  1. Which of the following estates will need to file a federal estate tax return assuming that the decedent died in 2026:
    1. An unmarried decedent owned property worth $3,400,000?
    2. Assuming the mortgage is deductible, an unmarried decedent owned real estate worth $12,000,000 subject to $4,000,000 mortgage?
    3. An unmarried decedent owned property worth $11,000,000 and had made taxable gifts in 2004 of $1,000,000?
    4. A married decedent owned a house worth $12,000,000 jointly with her spouse? (Assume ½ of value will be included in the decedent’s taxable estate.)
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Expert Answer

Step 1

Hello, since you have posted a question with multiple sub-parts, we will solve first three subparts (solved below). To get remaining sub-part solved please repost the complete question and mention the sub-parts to be solved. Thankyou.

1. An unmarried decedent owned property worth $3,400,000?-  As the value of the unmarried decedent’s gross estate is less than than $11.4m  as on year 2026, he shall be exempted from filing the federal estate tax return (assuming the same rates continues till 2026)

Step 2

2. Assuming the mortgage is deductible, an unmarried decedent owned real estate worth $12,000,000 subject to $4,000,000 mortgage?-

As we know, estate taxes are imposed on decendent's gross estate value. Hence Mortgages would be included back int...

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