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Form 5495 for Palm Beach Florida: What You Should Know

See Fla. Stat. Ann. § 812.02 as it existed as of February 2015. Florida's estate tax is paid based on a decedent's net estate, which equals the value of the decedent's home, in the decedent's state of residence, less any amounts received by the decedent from a surviving spouse. See Fla. Stat. Ann. § 111.055(4) as it changed to 1017.051 as of February 2015. The federal credit for estate tax on a decedent's U.S. estate is 4,150,000. In 2024 this credit was reduced to 3,000,000 in the absence of legislation authorizing a reduction to the original 4,150,000 amounts. See Fla. Stat. Ann. § 1017.051. The federal credit for estate tax on a decedent's foreign estate is only 1,000,000. This credit is eliminated in absence of a federal estate tax law which is more than 75% of the qualified estate. For purposes of the 4,150,000 credit, the value of a decedent's home in the decedent's state of residence is 175,000 (12 million when the 2024 federal credit reduction took effect), and the value of the home in the decedent's home state is 225,000 (.75X amount). This means that, for a decedent with a 300,000 annual income in the state of residence, and with a 225,000 home from which the decedent would otherwise receive 175,000 in income, the net estate, after the value of the home is removed by the credit reduction, is only 170,000. The value of the home to be removed is 225,000. This value is used to reduce the federal credit to 3,000,000. See §1017.051(4). See: U.S. Federal Estate Tax: The 2024 Federal Credit Reduction. The 4,150,000 federal credit is available only to the decedent in the state of residence during the year in which the decedent is alive. This credit is only available to the decedent in the state of residence if the decedent is not subject to a state tax liability for the year for estate or inheritance tax.

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