Estimated share of principal operator farm estates with estate-tax returns and estate taxes, 2021F

Pie chart with 3 items.

35,683 estimated number of estates
Item 1, Not required to file an estate-tax return 99.30% 35,435 estates
Item 2, Estate must file estate-tax return, estate taxes owed 0.20% 70 estates
Item 3, Estate must file estate-tax return, no estate taxes owed 0.50% 178 estates

Note: If an estate has a gross value greater than the exemption amount ($11.7 million in 2021), it must file a return; 2021F denotes a forecast based on 2020 data on the age distribution of farm operators and 2019 data on mortality rates. Results account for adjustments, deductions, and exemptions (including any unused exemption amount from a predeceased spouse).
Sources: USDA, Economic Research Service using data from USDA's 2020 Agricultural Resource Management Survey, USDA's 2021 June Area Survey, Social Security Administration's 2019 Actuarial Life table, and the Internal Revenue Service's 2021 Farm Credit System Bank Loan Interest Rates chart. All data as of April 1, 2022.