Tennessee Code 67-8-316 – Exemptions
[Not applicable to decedents who die in 2016 or after, see section 67-8-318.]
Terms Used In Tennessee Code 67-8-316
- Decedent: A deceased person.
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
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In the case of a decedent dying: |
Amount |
|
On or after October 1, 1983, but before January 1, 1984 |
$275,000 |
|
In 1984 |
325,000 |
|
In 1985 |
400,000 |
|
In 1986 |
500,000 |
|
After 1986 |
600,000 |
and there shall be allowed against the net estate a maximum single exemption against that portion of the estate distributable to one (1) or more beneficiaries of Class B of an amount determined according to the following schedule:
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In the case of a decedent dying: |
Amount |
|
On or after July 1, 1984, but before January 1, 1985 |
$25,000 |
|
In 1985 |
50,000 |
|
In 1986 |
100,000 |
|
In 1987 |
150,000 |
|
In 1988 |
250,000 |
|
In 1989 |
350,000 |
|
After 1989 |
600,000 |
|
In the case of a decedent dying: |
Amount |
|
On or after July 1, 1998, but before January 1, 1999 |
$625,000 |
|
In 1999 |
650,000 |
|
In 2000 and 2001 |
675,000 |
|
In 2002 and 2003 |
700,000 |
|
In 2004 |
850,000 |
|
In 2005 |
950,000 |
|
In 2006 through 2012 |
1,000,000 |
|
In 2013 |
1,250,000 |
|
In 2014 |
2,000,000 |
|
In 2015 |
5,000,000 |