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Form 706 Gross Estate - Portability

Level 1

I'm preparing a Form 706 Estate return to elect portability for the surviving spouse. On the decedent's date of death, all assets of the gross estate were owned jointly by the decedent and the surviving spouse.

Do I include only half of the FMV of the estate on the tax return for the decedent's share of the assets on Form 706?

Additionally, do I need to attach the Schedule E for all of the same assets that were shared in their marriage?

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2 Comments 2
Level 3

Is the client in a community property state?

Were the assets held in a trust (i.e. revocable living trust)?

Level 1

The client is in a Texas, a community property state.

The assets were in the possession of the spouses and then transferred to a revocable living trust per the Last Will and Testament prepared by the decedent. So they are currently in the possession of the revocable living trust.

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