IRS Releases 2011 Estate Tax Return
The IRS has now issued the U.S. Estate and Generation-Skipping Transfer Tax Return (Form 706) and draft instructions for decedents dying in 2011.
The federal estate tax return and any tax is due nine months after the date of death, although a six month extension for filing (not paying) is available. This year the estate tax exemption is $5 million. Estates valued under that amount are not required to file a return, but the executor of an estate of someone married at the time of his or her death may wish to do so to ensure that the surviving spouse can take advantage of whatever part of the $5 million exemption was not used by the decedent.