IRS Reports on Estate Tax Return Numbers
The IRS recently announced that the total number of estate tax returns filed fell by 58 percent to about 45,000 in 2005 from about 108,000 in 2001. The total amount of assets represented by these returns also fell, although by a lesser percentage. The total gross estate (assets) on these returns fell by 14 percent to $185 billion in 2005 from $216 billion in 2001. Net estate taxes reported on these returns declined by even less, only 8 percent. Click here for the IRS Estate Tax Facts.
With the estate tax exemption now at $2 million, I am doing fewer estate tax returns as part of my estate administration practice. Since, strangely enough, I enjoy preparing tax returns, that's disappointing. Death may be certain, and taxes may be certain, but death taxes are becoming a relative rarity.
