Surviving spouses have a new tax saving tool

Posted on Posted in Financial Planning

Summary of Rev.Proc. 2014-18

This revenue procedure provides a simplified method for certain taxpayers with spouse deceased in the last three years to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under § 2010(c)(5)(A) of the Internal Revenue Code (Code), by which a decedent’s unused exclusion amount (deceased spousal unused exclusion amount, or DSUE amount) becomes available to apply to the surviving spouse’s subsequent transfers during life or at death.

IRS Opens Temporary Window For Retroactive Portability Of Estate Tax Exemption In Rev Proc 2014-18

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