On Friday, July 31st, Attorney Steven Berger talks about filing for portability.
This topic often has more interest by our CPA’s and Financial Advisor’s.
The IRS form 706 or Maryland for MET1 on the death of the first spouse is what we are talking about today. There is a rule that allows us to use estimates if we are filing for portability.
Caveats to using estimates is that it’s only used if it’s going to the surviving spouse or a charity. One problem is that the IRS or MD state could contest your estimates.
We like doing things the right way. If we get an appraisal, then that can be helpful and avoid capital gains tax.
We like to have updated values with the new basis. Our recommendation if that estimated values should only be used in rare cases.
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