How does the $2,000,000 Massachusetts estate tax threshold work?
As a true exemption rather than a cliff. G.L. c. 65C, § 2A provides that estates of decedents dying on or after January 1, 2023 owe no tax if the federal taxable estate is $2,000,000 or less, and larger estates receive a credit of up to $99,600, the amount of tax on the first $2,000,000. The estate therefore pays on value above the line, not on the whole estate.
What goes on a Massachusetts Form of List?
All personal estate not exempt from taxation that the owner held in the city or town on January 1, listed on the form the assessors provide. G.L. c. 59, § 29 lets assessors set the due date but no later than March 1, with extensions at their discretion, and non-resident owners and foreign corporations list the personal property they keep in the town. Assessors use the list to set fair cash value, which is where an itemized appraisal of equipment and fixtures earns its keep.