This chart appears in the ERS Topic Page, Federal Estate Taxes, published in April 2023.Ī proposal to change the way capital gains are taxed at death would affect family farm estates differently according to the size of the farm. The exemption amount was increased to $12.92 million per person in 2023. Total Federal estate tax liabilities from the 87 farm estates owing taxes are forecast to be $566 million in 2022. Of those estates, ERS forecasts that 305 (0.77 percent) will be required to file an estate tax return, and a further 87 (0.22 percent) will likely owe Federal estate tax. Researchers from USDA, Economic Research Service (ERS) estimate that in 2022, 39,534 estates were created from principal operator deaths. However, only returns that have an estate above the exemption after deductions for expenses, debts, and bequests will pay Federal estate tax. Under the present law, the estate of a person who owns assets above the exemption amount at death must file a Federal estate tax return. In 2022, the Federal estate tax exemption amount was $12.06 million per person and the federal estate tax rate was 40 percent. Food Prices, Expenditures, and EstablishmentsĬreated in 1916, the Federal estate tax is a tax on the transfer of property to a person’s heirs upon death.Food Assistance Data & Collaborative Research Programs.International Consumer and Food Industry Trends.Trade Policy & World Trade Organization (WTO).Supplemental Nutrition Assistance Program (SNAP).Socially Disadvantaged, Beginning, Limited Resource, and Female Farmers and Ranchers.
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