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Gerald Wilkins owns a home worth $350,000, a car worth $15,750, various investments worth $610,000 and...

Gerald Wilkins owns a home worth $350,000, a car worth $15,750, various investments worth $610,000 and other personal assets worth $31,000. He still owes $145,000 on his mortgage and $5,700 on a car loan. What is his net taxable estate?
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Answer #1

Net taxable estate = $350,000 + 15,750 + 610,000 + $31,000 - $145,000 - $5,700 = $856,050

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