July 11, 2017
Authored by: Linsey Glosier and Larry Brody
In a long-awaited move, the IRS announced recently that taxpayers will now have at least two years to file an estate tax return to elect portability of a decedent’s unused estate tax exemption to the decedent’s surviving spouse.
The new rule was articulated by the IRS in Revenue Procedure 2017-34 and became effective as of June 9, 2017. Under this new two year filing window, which the IRS characterizes as a “simplified method for certain taxpayers to obtain an extension of time . . . to make a ‘portability’ election”, a decedent’s estate will have until the later of January 2, 2018 or the second anniversary of the decedent’s death to file an estate tax return to elect portability. In order to take advantage of this simplified method for obtaining an extension of