Decedent is a legal term for someone who has died and is deceased.9It's often used in estate planning documents. But the individual's name lives on due to their financial obligations after death, such as paying taxes and debts and closing bank accounts. These responsibilities are typically ca...
There are also limits on the Standard Deduction if you can beclaimed as a dependenton someone else’s tax return. For 2024, it can’t exceed the greater of $1,300 (up from $1,250 for 2023), or $450 ($400 for 2023) plus your earned income (up to the Standard D...
Inheritance tax is primarily levied on the value of the assets of someone who has died - but gifts made before death may also be liable. Simplifying 'unpopular' tax bill a welcome idea Married couples and civil partners inherit their spouse's assets tax-free, as well as their unused inherit...
Google Share on Facebook Thesaurus Wikipedia ThesaurusAntonymsRelated WordsSynonymsLegend: Switch tonew thesaurus Noun1. tax collector- someone who collects taxes for the government collector of internal revenue,exciseman,internal revenue agent,taxman ...
Someone has already claimed me as a dependent. Do I have to file a tax return? Even if someone else, like a parent, claims you on their own tax return, you may still be required to file your own return.Filing requirementsvary with annual income, marital status,Earned Income Tax Creditre...
Personal representative of someone who has died for carried interest gains: 28% Business Asset Disposal Relief (formerly Entrepreneurs Relief): 10% Capital Gains Tax reliefs There are several different tax reliefs which can reduce the chargeable gain: Rollover/holdover relief on replacement of business...
Claiming dependents is one of the most effective ways to reduce your taxable income, but there are requirements and restrictions you should know about. If you want to save a little more on your taxes this year, learn more about claiming dependents, how m
surviving spouse, or anyone else who is an appointed representative of the deceased person’s will or legally in charge of the decedent’s property. If the taxpayer was married at the time of death, the surviving spouse may file the return for the year using the Married Filing Joint status...
If you are married and file ajoint tax return, your federal tax rate may be lower than someone who isn't married. That's just one way U.S. tax laws benefit married couples.1 The same is true for retirement plans, which offerseveral perks for those who have tied the knot. These bene...
Capital gains tax is not payable on the unrealised gains of shares belonging to someone who dies. Inheritance tax may be due on the value of the shares, but not CGT. Any gain you make between the date of the person’s death and your disposal (of the shares, not the body)does countf...