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2011 and 2012 Deaths and Portability Resources - Emil Estafanous, CPA : Emil Estafanous, CPA

2011 and 2012 Deaths and Portability Resources

Practitioners with 2011 and 2012 estate clients should be wakeful that a Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 enclosed a portability sustenance for a germane ostracism volume ($5 million for 2011 and 2012).  Under this provision, if a associate dies after 2010 and all of his or her $5 million is not practical toward a exemption, a new apportionment can be combined to a germane ostracism volume of a flourishing spouse.

To take advantage of portability, however, a new apportionment contingency be eliminated from a estate of a initial associate to die to a flourishing spouse.  This can usually be finished by timely filing an estate taxation lapse (2011 Form 706 ), even if no taxation is due (IRC Sec. 2010(c)(5)).  If a timely lapse is not filed, any additional ostracism volume is mislaid perpetually and is taken during a genocide of a flourishing spouse. This page contains resources on this issue.

Resources:

  • E-alert on stairs to take with clients per filing Form 706 to elect portability
  • E-alert on deliberation fluctuating Form 706 filings to weigh electing portability

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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