Inheritence / Estate Tax
Everyone is pleased to learn that West Virginia has adopted the Federal guidelines with regard to inheritance and estate tax. If the gross estate does not exceed the exemption equivalent in effect during the year of death you will not have to file a Federal Estate Tax Return (Form 706) and you will not have to file a West Virginia Estate Tax Return.
The schedule for determining whether an estate tax return is due can be found in the back of your appraisement booklet. For 2000-2001 the exemption equivalent was $675,000; for 2002-2003, $1,000,000; for 2004-2005, $1,500,000; 2006 through 2008, $2,000,000; and 2009, $3,500,000. Prior years are also listed in the appraisement booklet.
Any estate required to file a Federal Estate Tax Return (Form 706) will be required to file a West Virginia Estate Tax Return. The proper forms and instructions will be sent to the Executor/Administrator after the appraisement has been filed. For decedents dying July 13, 2001, and after a release or certificate of non-liability from the West Virginia State Tax Department will be required even for estates who did not need to file a tax return.
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