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Form 706 Houston Texas: What You Should Know

Texas Department of State, Family Code Section 7201.003. Income Limitations for Federal Estate Tax Exemptions Feb 1, 2023 — In 2010, the US Supreme Court ruled that an interest in a home must be considered property within the meaning of the federal estate tax exclusion, making it subject to levy. In 2010, the US Supreme Court ruled that an interest in a home must be considered property within the meaning of the federal estate tax exclusion. Federal Estate Tax Exclusion — Publication 519, 2023 Estate Tax Act of 2023 (codified at 31 U.S.C. section §2052 note), §1. Section 2052: “No interest in real property in perpetuity may be excluded under this chapter if the interest is held— (1) by a decedent in the capacity of owner if the interest was acquired before the decedent was twenty-one years of age and the decedent was at the time of death an individual; or (2) by a decedent in the capacity of owner if the interest was acquired by gift if and only if the aggregate value of the interest and any real property conveyed or acquired with respect to the interest equals or exceeds five times the decedent's adjusted gross income for the taxable year. For purposes of this paragraph (2), any interest included in the gross income under section 2513(a)(3) must be treated as being includible in gross income for purposes of section 2052.” Interests Held at Time of Death of decedent must be Included in Estate If the decedent held only one-half interest in the property, and he disposed of the other half, he would be entitled to any tax paid on the tax on the part of the proceeds from sale that is not included in an election under this subsection (e). A partial interest held for an extended period, however, may not be subject to the exclusion under this subsection provided that the aggregate of all interest included in the gross estate of the decedent at the time of the death and disposed of after such time does not exceed the gross estate and the aggregate of the total basis and value of all interests held at time of death must not exceed the gross estate. This exemption does not extend to interests held at the time of the decedent's death by a joint tenant or other individual who was not a member of the decedent's family.

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