how federal estate taxes work
the internal revenue service irs requires estates with combined gross assets and prior taxable gifts exceeding 12 92 million for 2023 and 13 61 million for 2024 to file a federal estate tax return and pay estate tax for an estate worth 13 7 million with a 2024 exclusion limit of 13 61 million estate taxes would be levied on 90 000 of the estate 2the unlimited marital deduction eliminates the estate tax on assets transferred to a surviving spouse however when the surviving spouse who inherited an estate dies the beneficiaries may owe estate taxes if the estate exceeds the exclusion limit 3