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August 1, 2017

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Reclamation Project

January 25, 2017

Prior to IRS recognition of same sex marriages for federal tax purposes, a transfer (by gift or inheritance) from one same-sex spouse to his/her spouse escaped transfer tax only to the extent the donor's aggregate gifts did not exceed the "exclusion amount" applicable at the time of the transfer.  (The federal exclusion amount is currently $5,490,000.)  Put another way, the marital deduction was not available to same-sex married couples.

 

IRS Notice 2017-15 addresses this for certain prior transfers, and provides a filing method that allows the marital deduction to be claimed, and the used exclusion amount to be reclaimed.  The Notice requires an affirmative election as detailed in the Notice.

 

This blog is not intended to constitute, and does not constitute, legal advise to anyone or any specific situation.  See also our legal notices.

 

This blog is not intended to constitute, and does not constitute, legal advise to anyone or any specific situation.  See also our legal notices.   

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