Estate's Tax Flashcards
1
Q
are taxes imposed on the privilege of the decedent to transmit property at death and is based on the entire net estate, regardless of the number of heirs and relations to the decedent
A
estate taxes
2
Q
what is the tax rate?
A
6% based on the value of the net estate
3
Q
is the total value of all property belonging to the decedent at the time of the decedent’s death
A
gross estate
4
Q
what are excluded from gross estate?
A
- GSIS proceeds/benefits
- Accruals from SSS
- war damage payment
5
Q
what are the allowable deductions from gross estate for citizens or resident aliens?
A
- standard deduction in the amount of PHP 5M
- unpaid mortgages
- property previously taxed
6
Q
what are the allowable deductions from gross estate for citizens or non-resident aliens?
A
- standard deduction in the amount of PHP 500,000
- property previously taxed
- net shares of the surviving spouse
7
Q
who are required to pay the estate taxes?
A
the executor, administrator or any of the legal heirs
8
Q
when to file?
A
within 1 year from decedent’s death
