IRS Reminds Executors of Portability Election Requirements

The IRS reminded executors about the filing requirement of an estate tax return for estates of married individuals who died after 2010 for portability election purposes. In order for the surviving spouse to benefit from the portability election, the executor must file an estate tax return on Form 706 properly and timely.

Since the estate tax return is due nine months after the date of death, estate tax returns are due as early as today, October 3, 2011. The portability election is not available to estates of those who died prior to 2011.

See New: Surviving Spouses to Benefit from Portability Election; Estate Tax Return Required to Make this Choice For Some, Form 706 Due as Early as Oct. 3, IRS-2011-97, Sep. 29, 2011.

Special thanks to Ayeshah Castang (law student, Texas Tech School of Law) for bringing this notice to my attention.