On July 8, 2022, the IRS issued Revenue Procedure 2022-32, which provides a simplified method for taxpayers to obtain an extension of time to make a portability election of a deceased spouse’s unused ...

On July 8, 2022, the IRS issued Rev. Proc. 2022-32 that simplified the method for obtaining late relief for failure to timely make an estate tax portability election and extending the time for filing ...

One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability. When one of the spouses dies, the surviving spouse can make a ...

A common financial mistake married farm couples make occurs when the first spouse dies, and the surviving spouse fails to “elect portability.” It’s a process by which any unused federal gift or estate ...

The new Part 6 of the draft Form 706 states that a decedent with a surviving spouse elects portability of the DSUE amount, if any, by completing and timely filing the Form 706. No further action is ...

Portability isn’t given; it must be elected by a timely filing of Form 706 after the first spouse dies. This form is documentation of the fair market value of the estate at the time of death. Form 706 ...