IRS Grants Extension until January 2018 to Make a Late Portability Election for Estates

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The IRS recently issued guidance that allows certain estates to make a late portability election if they did not make a timely election. (Rev. Proc. 2017-34). For the purposes of Federal estate (and gift) tax purposes, a portability election allows a decedent’s unused exclusion amount (Deceased Spousal Unused Exclusion (DSUE) amount) to be available for the surviving spouse’s subsequent transfers at death or during lifetime on gifts.

The portability election applies to the estates of decedent’s dying after December 31, 2010, if such decedent is survived by a spouse. Under §2010(c)(5)(A), a portability election is only effective if made on …read more

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