Content Overview 
- Summary
- When Must I File A Gift Tax Return?
- What Is The Unified Credit For Gift And Estate Taxes?
- If I Make Taxable Gifts, Will I Have To Pay Tax?
- What Is In My Gross Estate?
- What Is The Gift Tax?
- Which Gifts Are Taxable? (The Annual Gift Tax Exclusion and more)
- Can I Take An Income-Tax Deduction For Gifts I Make?
- Does The Person I Give A Gift To Have To Pay Taxes?
- What Is The Generation-Skipping Transfer Tax (GSTT)?
- What Is The Estate Tax?
- What Is My Taxable Estate?
- Will My Estate Have To File An Estate Tax Return?
- Will My Heirs Have To Pay Tax On Their Inheritance?
Gift, Estate, and Generation-Skipping Transfer Taxes
What Is My Taxable Estate?
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In general:
- Your taxable estate is your gross estate (see immediately above) minus allowable deductions.
- Allowable deductions include:
- Funeral expenses paid out of your estate.
- Administrative expenses of the estate, including commissions, attorney and accountant fees, court costs, and the expense of selling assets.
- Debts owed at the time of death, including unpaid mortgages and taxes.
- The marital deduction (generally the value of the property that passes from your estate to your surviving spouse in an unlimited amount. NOTE: If your spouse is not a U.S. citizen, this deduction is limited).
- Charitable contributions with no limit.
To learn more, see: IRS Publication 950: Introduction to Estate and Gift Taxes www.irs.gov/publications/p950/index.html 
and Form 706: United States Estate (And Generation-Skipping Transfer) Tax Return, available at: www.irs.gov/pub/irs-pdf/f706.pdf . The instructions for Form 706 are available at: www.irs.gov/pub/irs-pdf/i706.pdf
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