Deadline Coming Up for Filing Estate Tax Election

For the estates of those who died in 2010, the deadline to opt out of the federal estate tax and opt into the modified carryover basis regime is January 17, 2012. The IRS will not give extensions on filing this election, and taxpayers can make the election on form 8939.

See Michael Cohn, Deadline Looms For Filing Estate Tax Election for 2010 Decedents, Financial Planning Newsletter, Nov. 29, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.