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

Depreciation

Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.

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