Estate Tax Portability Election Relief

Revenue Procedure 2022-32 provides a simplified method for certain estates to obtain an extension of time to file a return on or before the fifth anniversary of the decedent's death to elect portability of the deceased spousal unused exclusion amount.

This applies to estates that are not normally required to file an estate tax return, because the value of the gross estate and adjusted taxable gifts is under the filing threshold. Get additional insights from the Journal of Accountancy.