Estate Tax

Spousal Portability and the Estate Tax After 2010

Posted on: September 8th, 2011
The Tax Relief Act of 2010 included a spousal portability provision for the $5 million estate tax exemption. If a married person dies after December 31, 2010 and does not use all of his or her exemption, the unused portion can be transferred to the surviving spouse....

IRS Guidance on 2010 Decedents’ Estates Filings

Posted on: August 9th, 2011
The IRS recently issued guidance on the treatment of basis for certain estates of persons who died in 2010. This will assist executors who decide to opt out of the estate tax and have the carryover basis rules apply. Form 8939, the basis allocation form required to be filed by executors opting out of the estate tax, is due November 15, 2011. ...

NC – No Estate Tax for 2010

Posted on: August 5th, 2011
Good news for beneficiaries of large North Carolina estates of decedents dying in 2010. From the North Carolina Department of Revenue:...

Congress Starts on Estate Tax Debate

Posted on: June 7th, 2011
The federal estate tax exemption is currently set at $5 million ($10 million for married couples), with a 35% rate. This law is set to expire on December 31, 2012, with the exemption reverting to $1 million (and a 55% rate) on January 1, 2013....

The State of State Estate Taxes

Posted on: May 10th, 2011
The majority of states no longer have an estate tax, but North Carolina is not one of them. Hungry for revenue, some states, such as Connecticut, are trying to lower the tax threshold. ...

IRS Extends Deadline for Carryover Basis Form for 2010 Estates

Posted on: April 5th, 2011
The IRS is extending the filing deadline of Form 8939, Allocation of Increase in Basis of Property Acquired from a Decedent, which must be submitted to determine the new basis of assets in 2010 estates that opt out of the federal estate tax....
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