Tax Closing Property For Portability
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How to fill out Contract For The Sale And Purchase Of Real Estate - No Broker - Residential Lot Or Land?
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FAQ
Portability election. An executor can only elect to transfer the DSUE amount to the surviving spouse if the Form 706 is filed timely, that is, within 9 months of the decedent's date of death or, if you have received an extension of time to file, before the 6-month extension period ends.
The IRS has now extended the timeline for filing for portability to five years after the decedent's date of death. The IRS reasoned in Rev. Proc 2022-32 that the number of requests for private letter rulings requesting extensions placed a significant burden on IRS resources.
Time to file for portability is now extended to five years In July 2022, the IRS issued a revenue procedure (Rev. Proc. 2022-32), which extended the filing of estate tax returns to elect portability to five years from the date of death of the decedent.
In order to elect portability of the decedent's unused exclusion amount (deceased spousal unused exclusion (DSUE) amount) for the benefit of the surviving spouse, the estate's representative must file an estate tax return (Form 706) and the return must be filed timely.