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IRS Allows Extension of Time to File Estate Tax Return in Limited Circumstances

In general, estate tax returns for U.S. residents are due nine months after the date of the decedent’s death.  in order to obtain a six-month extension in to file Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) , an extension, known as Form 4768 (Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes) must be filed within nine months of the date of the decedent’s  death.

Nevertheless, the IRS, in Notice 2012-21 (February 17, 2012), grants an extension of time to file Form 4768 (Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes) and Form 706 solely to elect portability of a deceased spousal unused exclusion amount.   Notice 2012-21 addresses the estate of a decedent (1) whose date of death is after December 31, 2010, and before July 1, 2011;(2) who is survived by a spouse; and (3) whose gross estate does not exceed the $5,000,000 basic exclusion amount for 2011. That estate may file an extension and estate tax return no later than 15 months after the date of the decedent’s death.

 

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