Friday, June 20th, our estate administrator, Karla Horn teaches us about portability returns.
We are talking about using estimates to file a portability return. A portability return is the return filed to transfer a deceased spouses unused federal estate tax exemption (DSUE) to the surviving spouse.
If the return is solely for portability and the spouse is the only beneficiary, then estimates are allowed to be used. However, a full description of assets is still needed.
We encourage appraisals for any real property which is required by the IRS if you sell the home later on.
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