Portability of a deceased spouse’s unused exclusion amount has been part of the Internal Revenue Code since 2010. It could not be relied upon (due to the sunset provision in the law) until the American Taxpayer Relief Act made it “permanent” (or what counts as permanent in today’s world) in 2012. In order to obtain portability, the decedent’s executor needs to file a timely-filed estate tax return, including extensions. If the decedent’s executor fails to file an estate tax return timely, … [Read more...] about Missed Your Deadline to Elect Portability? Treasury to the Rescue!
