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Old 02-10-2010, 07:16 AM
Senior MemberCaptains Club MemberPLEDGER
Join Date: Sep 2002
Location: Lander, Wyoming USA
Posts: 2,291

Don't take tax advice from a real estate agent. The exemption she is talking about is $250,000 gain for a single person when they sell their residence, not just real estate. As far as the $1,000,000 exemption from Federal estate tax, that is somewhat incorrect, at the moment. Technically, the Federal estate tax was repealed for 2010 so there is no Federal estate tax for persons dying in 2010, currently. However, Congress is working on re-instituting the estate tax back to 1/1/10 at some level. Seems they think they have other pressing matters to take care of first, like the economy, homeland security, health care, two wars and not being able to get out of their own way.
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