Probate and Tax Procedures, Filings, and Deadlines
Procedural calendar
Candidates must know the major filings and their deadlines: the estate tax return (Form 706) generally due nine months after death, extendable; the decedent's final income tax return due April 15 of the following year; fiduciary income tax returns (Form 1041) due the 15th day of the fourth month after the entity's year end; and gift tax returns (Form 709) due April 15. Probate filings-petition, inventory, accounting, and closing-follow jurisdiction-specific timelines.
Extensions and elections
Understand extension mechanics: Form 4768 extends the estate tax return and payment, but interest may accrue. Elections such as alternate valuation, special-use valuation, and portability have strict deadlines and irrevocability consequences. The alternate valuation date election (generally six months after death) can only be made if it reduces both the gross estate and the estate tax.
Traps
- An extension to file is not always an extension to pay; interest and penalties can accrue.
- Elections are often irrevocable once made.
- Missing the portability election deadline can forfeit the DSUE.
- Creditor claim periods and notice requirements are jurisdictional and fact-specific.
Worked example
Decedent dies March 1. The Form 706 is due December 1 (nine months). If the PR files Form 4768 before that date, the filing and payment can be extended, but interest accrues on unpaid tax from the original due date.