|
|
|
|
Half of Mortgage Deductible
Decedent and his wife owned property as tenants by the entirety and were jointly and severally liable for a mortgage. The IRS concluded that one-half of the mortgage balance was deductible from Decedent's gross estate under §2053 for federal estate tax purposes. Since Decedent's interest in the home was a "qualified joint interest" under §2040(b), one-half of the property's value was includible in Decedent's gross estate. Citing Rev. Rul. 79-302, 1979-2 CB 328, the IRS ruled that one-half of the mortgage balance was deductible under §2053(a) for estate tax purposes.
Source: TAM 200104008
|
About Us
|
News
|
Alerts
|
Articles
|
Caveat Emptor
|
SNSFE News
|
Research
|
Calendar
|
Contact
Register
|
Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2005-2007 FinancialCounsel.com, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
|
|
|
|
|
