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Filing an estate tax return extension

As the executor for the estate of a family member or friend in Miami, the one area that may cause you the most trepidation is dealing with the having to pay estate taxes. Those who come to us here at The Law Offices of Frye and Vazquez, P.L. with their tax questions typically want to know two things: First, if their loved one’s estate is even required to pay taxes. If it is, then they typically want to know how long they have to pay them. If a looming estate tax return filing deadline is approaching, you may want to consider asking for an extension in order to have the time needed to collect information to do an accurate tax assessment.

As has been detailed in this blog before, you can indeed ask the Internal Revenue Service for an estate tax extension. According to the IRS website, this must be done within nine months of your loved one’s passing. Submitting an IRS Form 4768 prior to the April 15 tax deadline automatically earns you a six-month extension. Yet what if you have yet to be able to accurately identify all of your family member or friend’s estate assets, and thus have yet to determine if his or her estate meets the federal tax threshold? If you do not anticipate having all of information needed to complete a return within the six-month time period allowed by an extension, you can request to be given additional time.

Submitting Parts II or III of the Form 4768 communicates your request for an additional extension to the IRS. However, whichever part applies to your case, you must also include a written statement detailing why added time is necessary.

You can learn more about paying estate taxes by continuing to explore our site. 

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