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Requesting an estate tax extension

If you are responsible for your loved one’s estate, you could have a number of questions. However, it is especially important to handle estate taxes properly if you need to to file an estate tax return. In Massachusetts, estates worth more than $1 million must pay estate taxes. It is essential to handle estate-related tax matters in a timely manner and understand your obligations as the executor of an estate.

Sometimes, people are unable to pay estate taxes on time for a host of reasons. If you cannot pay estate taxes in full, due within nine months of the decedent’s death, you can apply for an extension.

Taking a look at estate tax extensions

According to the Commonwealth of Massachusetts’ official site, you can apply for a six-month extension on estate taxes as long as you do so before the due date. In fact, you can request an extension after filing a tax return, so long as you filed the tax return on time.

The state grants extensions because of undue hardship and they can last for up to three years, although interest accumulates during this period.

How to seek an estate tax extension

Filers seeking an extension on estate taxes can request an extension through the state’s online portal or by sending a request to the state in writing. Moreover, if you pay more than 80% of estate taxes within nine months of your loved one’s death, you receive an automatic six-month extension.

If you have any questions or uncertainty about estate taxes or any other aspect of managing your loved one’s estate, it is vital to review your options and your obligations carefully.

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