Florida inheritance tax is no longer functional in Florida. It has been replaced by the Florida estate tax. In Florida, the estate tax is imposed on the personal and real properties owned by any individual at the time of his death. In Florida, the gross estate includes the following types of properties, which may be wholly or partially owned:
- Real Estate
- Life Insurance
- Annuities
- Stocks
- Bonds
- Accounts Receivable
- Notes Receivable
- Equipment
- Autos
- Furniture
- Artwork
- Jewelry
- Money
The estate tax system in Florida is usually termed as "pick up" tax system. In Florida, the total or a part of the state death tax credit permissible by the Federal government is picked up for taxation purposes.
According to this system, until and unless it becomes necessary for an estate to file the Federal estate tax return, the estate tax is not imposed on that particular estate.
Following are the filing requirements for Federal estate tax in Florida:
| Date of Death | Minimum Filing Requirement |
|---|---|
| 2006 | $2,000,000 |
| 2004 and 2005 | $1,500,000 |
| 2002 and 2003 | $1,000,000 |
| 2000 and 2001 | $675,000 |
This is according to § 2010 and 6018(a), Internal Revenue Code. (Source: Florida Department of Revenue)
The estate tax is not imposed on an estate, if its gross value is less than the minimum requirements for filing Federal estate tax.
The estate tax in Florida is imposed on the basis of the Federal state death taxes credit. If the gross value of the estate is equal to or more than the minimum requirements for filing Federal estate tax, the form, which is to be filed with the Internal Revenue Services (IRS) for making payment of estate tax is known as the Federal Form 706. This form is also known as the United States Estate and Generation Skipping Transfer Tax Return. This has to be done within 9 months from the date of death.
Contact Details:
Florida Department of RevenueTaxpayer Services
1379 Blountstown Highway
Tallahassee, FL 32304-2716
Tel: 800-352-3671
