September, 2022

Portability & Timing of Transferring the Estate Tax Exemption to a Surviving Spouse

By Jackson Law Group
September 16th, 2022

Posted in Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

An estate tax return (Form 706) must be filed if the gross estate of a decedent, increased by the decedent’s adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent’s death. The filing threshold for 2022 is $12,060,000. The threshold is adjusted for inflation and increases each year. An estate tax return also must be filed if the estate elects to transfer any deceased spousal unused exclusion (DSUE) amount to a surviving spouse, regardless of the size of the gross estate or amount of adjusted taxable gifts. The election to transfer a DSUE amount to a surviving spouse is known as the “portability” election.

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