Submitted By: Walter
Answered: September 3, 2013 8:30 am

Have the estate tax laws changed for 2013?

While the fundamental rules are the same for estates of those who died in 2012 and those who die this year, some of the important numbers are different. For example, the exemption amount (the value of property that can be transferred free of estate tax) in 2013 is $5.25 million; it was $5.12 million in 2012.

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Tax Glossary

Capital gain or loss

The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.

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