IRS Extends Time for Portability Election

Under current law, surviving spouse may under some circumstances use the Deceased Spouse’s Unused Exclusion Amount (DSUEA) in order to avoid estate tax, potentially doubling her lifetime exclusion from $5,120,000 to $10,240,000.  There are several requirements for this “portability” and one of them is filing a timely election on an estate tax return (706).

IRS has extended the time for filing this election.  Notice 2012-21 here.

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