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Today's Terms
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Gross Estate
Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.
Gain
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
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