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Albuquerque New Mexico online Form 706: What You Should Know

The estate tax provides a tax liability for the value of a decedent's real estate and property at the date of death. Estate tax rates may apply if the value is in excess of 5.48 million. For example, let's assume that your husband dies on February 3, 2008, has a total net worth of 450,000. The decedent's total tax liability for this year (not including interest) is 3,320. Your husband's estate must file a federal estate tax return within nine months of his death to claim this tax credit. (I would like to point out that if a married couple file Form 4562 jointly, they have one more filing period in which to file the federal estate tax return. However, they do not have to file the federal estate tax return for the additional spouse. Instead, they are allowed a 2,000 deduction for the additional filing period.) The IRS allows the value of personal property over 15 million to be excluded from the estate in some special cases, called “gross-up” rules. If you are married to one of multiple decedents in your same-sex marriage, you may be allowed to exclude the value of your spouse's home, which must be used for a single use. (This is how you avoid having to declare the value of your spouse's home.) If you must file a federal estate tax return for your estate, you are allowed to exclude the value of your partner's home if it is used exclusively by your spouse. However, it is not allowed to exclude any part of the value of your home (and it cannot be used for a single use). This is to avoid double-counting of the value of your or your spouse's home.  Once it is time to file a tax return, you may want to begin preparing your estate tax return as soon as possible to get your tax refund, claim the credit, and avoid the tax.

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