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Filing Requirements for Estate Tax

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    Filing Requirements for Estate Tax

    Am I correct in assuming that an Estate Tax Return is not required as a result of client's death in 2012, since her total assets were conserabley less than $220k? She had been on SS for nearly 20 years prior to her death. Only one asset, a small vacation cabin valued at $48,000, was probated. The remaining cash was distributed to her heirs in accordance with her will.

    #2
    Estate tax return

    1. Federal estate tax return required if estate, including jointly held property, exceeds $5,120,000.00 for 2012. See OFTB p. 21-3.
    2. Washington has an estate tax (and you appear to be dealing with a State of Washington decedent).
    3. It appears (but you have to the judge of this) that if the decedent's estate was less than two million dollars in value, no Washington state estate tax return is due.
    4. Nonetheless, as other posts have suggested, real estate and personal property of significance (collections, antiques, art work, etc) should have been apparised by qualified appaisers close to the time of death to establish step up basis for those who inherit such items.
    Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.

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