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ESTATE TAX (ET)
| ET - 1 |
Is there an inheritance tax or a gift tax in Idaho?
No. Idaho hasn't had an inheritance tax since December 31, 1988. There's never been a gift tax in Idaho.
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| ET - 2 |
Must I file an Idaho estate tax return ?
You're not required to file a return if the death occurred on or after Jan. 1, 2005.
But you must file Idaho Estate and Transfer Tax Return, Form 33 if the death occurred before Jan. 1, 2005, and the gross estate amount exceeds the federal exemption amount. Refer to the years and corresponding amounts below :
Year: Federal Exemption
Amount:
| 2004 |
$1,500,000 |
| 2003 |
1,000,000 |
| 2002 |
1,000,000 |
| 2001 |
675,000 |
| 2000 |
675,000 |
Idaho Income Taxes
Regardless of when death occurred, you must file Idaho Fiduciary Income Tax Return, Form 66 for any tax year a resident estate has gross income (as defined in IRC Section 61(a)) of $600 or more. A nonresident estate must file Form 66 for any tax year it has gross income (as defined in IRC Section 61 (a)) from Idaho sources of $600 or more.
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| ET - 3 |
What is Idaho's estate tax rate ?
Idaho doesn't have a specific rate for estate taxation. The Idaho estate tax is the State Death Tax claimed as a credit on the Federal Estate Tax Return, Form 706, line 15. The tables for computing the State Death
Tax Credit are located in the instruction booklet for the federal Form 706.
If not all of the decedent's estate is located in Idaho or if a nonresident decedent owns real property in Idaho, then the credit is allocated based on the percentage of "Gross Idaho Assets" to the "Total Gross Estate."
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