Indiana Estate Tax Exemption 2024. These taxes are intended to reduce the wealth concentration by taxing inherited wealth. In 2024, that exemption amount is $13.61 million, up from the 2023 exemption amount of $12.92 million.
Without congressional intervention, these tax breaks will continue to be in effect (with annual adjustments for inflation) until 2026. Though indiana does not have an estate tax, you still may have to pay the federal estate tax if you have enough assets.
The State Doesnโt Have An Estate.
This change provides an opportunity for families to preserve more wealth for future generations.
However, The Exemption Is Set To Return To $5,000,000 (Adjusted For Inflation) As Of January 1, 2026, So Tax Planning Is Still Prudent For Families That May Be Affected By The 2026 Adjustment.
The exemption for the federal estate tax is $13.61 million in 2024, up from $12.92 million in 2023.
In 2024, That Exemption Amount Is $13.61 Million, Up From The 2023 Exemption Amount Of $12.92 Million.
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Though Indiana Does Not Have An Estate Tax, You Still May Have To Pay The Federal Estate Tax If You Have Enough Assets.
Inheritance tax was repealed, therefore no inheritance tax must be paid after 2012.
Some Jurisdictions Collect Local Income Taxes.
On january 1, 2024, the federal estate tax exemption increased from $12.92 million to $13.61 million per individual.