portability estate tax return
Under the simplified method in rev. 2022-32 the executor makes the portability election by filing on behalf of the estate a complete and properly prepared in accordance with regs.
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If you choose to opt-out you must choose to do so on page 4 Part 6 Section A.
. To make a valid portability election the Internal Revenue Code Code requires an executor to make the election on an estate tax return filed within the time prescribed by law including. The remaining amount is often called the deceased spousal unused exclusion or DSUE. In theory Portability is a simple concept.
The executor must file Form 706 within nine months of the date of death. 202010-2 a 7 form 706 united states estate and generation-skipping transfer tax return on or before the fifth anniversary of the decedents date. The good news is that a surviving spouse does not have to file Form 706 when the estates gross value which includes prior taxable gifts is less than the basic exclusion amount.
When filing Form 706 the tax return assumes that you elect Portability. It allows the unused or remaining portion of the deceased spouses exclusion to be added to the surviving spouses exclusion.
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