Question

Rudy Smith was an wealthy individual and has passed away with many assets in his estate. What value would be used to assess property for estate purposes

Answer 1

Answer:

fair market value

Explanation:

The current estate tax (2020) only applies for estates worth over $11.58 million. For taxation purposes, estates are taxed at fair market value. E.g. Rudy bought a building 10 years ago at $10 million, but it is now worth $15 million, the current market value ($15 million) will be used to determine any applicable estate taxes.