Unified Credit
What is it? In 1999, you dont have to pay taxes on estates up to $650,000 in value. For estates that are larger than that, the IRS makes the first $650,000 tax free through the Unified Credit which offsets the taxes you would have paid on that amount. This year the credit is worth $211,300. Those limits gradually rise to $1 million for the exemption and to a corresponding $345,800 for the credit in 2006.Added By: Destiny
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