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Posted by Stuart Bronstein on September 12, 2007, 10:05 pm
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> My mother this year, and my father the year before. I am
> executor for my mother's estate. Last year, before my
> father died, they gave my brother some property worth
> ~$100K. After he died, my mother gave my brother ~$11K in
> cash. I believe they should have filed form 709, even
> though no tax would be owed. But, they didn't, so I'm
> trying to do that. Questions:
>
> 1. re "splitting": Do I have to elect splitting? Does it
> matter?
How large were their taxable estates for estate tax
purposes? If each estate was worth under $2,000,000, it
doesn't matter.
> (The IRS says they "can't give line-by-line help". We have
> a probate attorney, but this seems to be a little out of
> scope for her. It doesn't seem like this should be so
> complicated that I need to hire a tax accountant.)
You should hire an accountant, if for nothing else than for
the final income tax returns for your parents and for the
income tax for their respective estates. But again, if the
estates aren't large enough to require a Form 706 (Estate
Tax Return) no gift tax will be due in any case, so I
wouldn't worry about it.
Stu
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