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Saturday, August 04, 2007

FLORIDA ESTATE TAX RETURNS NO LONGER REQUIRED (UNTIL 2011) [FLORIDA]

The requirements for estates that file a Florida Estate Tax Return for Residents, Nonresidents, and Nonresident Aliens (Form F-706) with no tax due have changed.

Effective July 1, 2007, Florida law no longer requires the estate of a decedent who died after December 31, 2004, to file a Florida estate tax return (Form F-706) if a state death tax credit or a generation-skipping transfer credit is not allowed by the Internal Revenue Code.

This is welcome news – until now, Florida has required the return even though Florida no longer imposes an estate tax.

However, this provision does not apply to estates of decedents dying after December 31, 2010.

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