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1. www.forbes.com › estate-law › illinois-estate-taxIllinois Estate Tax: How Does Estate Tax In Illinois Work?

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   Oct 9, 2024 · Illinois does not have an inheritance tax that heirs must pay. The state does have an estate tax on estates valued at $4 million and over, and this is paid by the estate.

2. illinoisattorneygeneral.gov › Page-Attachments2022 Important Notice Regarding Illinois Estate Tax and Fact ...

   illinoisattorneygeneral.gov › Page-Attachments

   2022 Important Notice Regarding Illinois Estate Tax and Fact Sheet. For decedents dying prior to 2022, see the Instruction Fact Sheets previously posted on the Attorney General’s website covering the specific year of death. For persons dying in 2022, the Federal exemption for Federal estate tax purposes is $12,060,000.

3. tax.illinois.gov › individuals › specialfilingFiling for a Deceased Taxpayer - Illinois Department of Revenue

   tax.illinois.gov › individuals › specialfiling

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   Filing for a Deceased Taxpayer. When you are filing a joint return as a surviving spouse, print your name and your spouse’s name on the appropriate lines. write “deceased” and the date of death above your spouse’s name.

4. www.gardilaw.com › how-to-calculate-estate-taxesHow to Calculate Estate Taxes Upon Death in Illinois

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   Nov 24, 2018 · The Illinois estate tax is a tax on your right to transfer property at your death. The tax takes into account everything you own in your individual name or have certain interests in upon the date of death.

5. smartasset.com › estate-planning › illinois-estate-taxIllinois Estate Tax: Everything You Need to Know - SmartAsset

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   Illinois Estate Tax: Everything You Need to Know. The Illinois estate tax applies to estates exceeding $4 million. On top of this tax, the estate may be subject to the federal estate tax.

6. www.illinoispolicy.org › illinois-is-one-of-fewIllinois is one of few states with ‘Death Tax.’ Bill would ...

   www.illinoispolicy.org › illinois-is-one-of-few

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   Mar 26, 2021 · Many states have moved away from taxing assets after people die because of the harm to family businesses and farms, but a new proposal before state lawmakers would boost Illinois’ estate tax...

7. People also ask

   What is the Illinois estate tax?

   • The Illinois estate tax applies to estates exceeding $4 million. On top of this tax, the estate may be subject to the federal estate tax.

   Illinois Estate Tax: Everything You Need to Know - SmartAsset

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   How much estate tax should a decedent pay in Illinois?

   • The dollar amounts and limits in IRS Form 706 are also indexed for inflation. For 2017, the basic exclusion amount for a decedent’s estate is $5,490,000. Estate taxes should be paid within nine months after the death of the loved one. What about Illinois Estate Tax? Estates valued under $4 million do not need to file estate taxes in Illinois.

   How to Calculate Estate Taxes Upon Death in Illinois

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   Do you pay taxes if you die in Illinois?

   • That means that your estate would pay taxes after you die but prior to your money being dispersed to your heirs. This is also known as a death tax, but it's different from an inheritance tax that recipients might get hit with after the fact. For the year 2024, the Illinois estate tax exemption amount is $4 million.

   How to Avoid Illinois Estate Tax [2024 Edition] - lewis.cpa

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   Will the Illinois estate tax increase a $4 million estate?

   • While the government discusses the bill that will raise the estate tax exemption to $8 million, the Illinois estate tax, with rates up to 16%, still impacts estates that exceed the threshold of $4 million as of 2024.

   How to Avoid Illinois Estate Tax [2024 Edition] - lewis.cpa

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   When do you have to pay estate tax in Illinois?

   • Estate taxes should be paid within nine months after the death of the loved one. What about Illinois Estate Tax? Estates valued under $4 million do not need to file estate taxes in Illinois. For estates over $4 million, the tax rate is graduated with the upper level ($10.04 million and up) at 16 percent.

   How to Calculate Estate Taxes Upon Death in Illinois

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   Who is subject to Illinois estate tax?

   • Non-residents who do not have Illinois as their legal domicile but own tangible personal property or real estate in Illinois are subject to Illinois estate tax if the value of their property within the state exceeds the $4 million exemption limit.

   How to Avoid Illinois Estate Tax [2024 Edition] - lewis.cpa

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8. www.lewis.cpa › blog › how-to-avoid-illinois-estate-taxHow to Avoid Illinois Estate Tax [2024 Edition] - lewis.cpa

   www.lewis.cpa › blog › how-to-avoid-illinois-estate-tax

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   Mar 15, 2024 · Illinois imposes an estate tax on estates exceeding the $4 million threshold with progressive rates up to 16%. Importantly, Illinois does not offer portability, which means any unused portion of the exemption cannot be transferred to a surviving spouse.