Can you file a late 706 for portability?

The IRS, thankfully, has made electing portability easy. If the executor timely files the decedent’s Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, which generally is due nine months after the decedent’s date of death, portability is automatically elected.

What is the deadline for filing Form 706 to elect portability?

nine months
The due date for filing an estate tax return is nine months after the date of death, with an automatic six month extension if requested by the nine month due date. Rev. Proc. 2017-34, extends the time under certain circumstances to file an estate tax return to make a portability election.

How does estate tax Portability work?

Essentially, estate tax portability allows the executor of an estate to exercise the option on behalf of the deceased’s spouse, to allow that spouse to use any available estate tax exemption amount that hasn’t yet been used at the time of the taxpayer’s death.

What is a portability return?

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. The return is due nine months after death, with a six-month extension option.

Can I electronically file a 706?

Once you are complete with Form 706, you will need to mail the forms to the appropriate IRS address within nine months of the decedent’s death. You cannot e-file this form. In addition, if any tax is due, you will also need to pay your estate tax by mailing in the amount or completing the payment electronically.

Who must file IRS Form 706?

IRS Form 706 must be filed on behalf of a U.S. citizen or resident whose gross estate, plus adjusted taxable gifts and specific exemptions, exceeds $11,180,000 in 2018, which is also known as the exclusion amount. The executor also has to file the form should the executor transfer any amount to the surviving spouse.

Where do you mail Form 706?

File Form 706 within 9 months of the date of the decedent’s death. Mail your completed Form 706 to: Dept. of the Treasury. Internal Revenue Service Center. Cincinnati, OH 45999. Include a check payable to the U.S. Treasury with the decedent’s name, Social Security number and “Form 706” printed on the front.

When must you file an estate Form 706?

When To File. You must file Form 706 to report estate and/or GST tax within 9 months after the date of the decedent’s death. If you are unable to file Form 706 by the due date, you may receive an extension of time to file.