* From 1986 through 2002, Maine’s estate tax was based on the federal state death tax credit, except that Maine did not conform to the phase-down of the federal state death tax credit that began in 2002. Maine Estate Tax Exclusion Amount – Filing Threshold For more information on requesting a lien release, see FAQ #3 below. § 4104.)Ĭ) If the answer is No to both A and B above, but the decedent owned real and/or tangible personal property located in Maine at the time of death, the estate should submit Statement 700-SOV with a completed Certificate of Discharge of Estate Tax Lien to request a release of the automatic lien placed on that property at the time of death. (Note: Generally, when property is owned by a pass-through entity, the entity must be disregarded and the property must be treated as personally owned by the nonresident decedent. If Yes, a Maine estate tax return (Form 706ME) is required if (1) the decedent was a Maine resident at the time of death or (2) the decedent was a nonresident and owned real and/or tangible personal property located in Maine at the time of death.
#MAINE 2016 TAX EXTENSION PLUS#
§ 4104.)ī) Does the value of the federal gross estate plus taxable gifts made within one year of the date of death plus Maine elective property exceed the Maine filing requirement threshold listed below? (Note: The estate of a nonresident decedent must use the total value of the federal gross estate to make this calculation, not just the value of real and/or tangible personal property located in Maine.) (Note: Generally, when property is owned by a pass-through entity, the entity must be disregarded and the property must be treated as personally owned by the nonresident decedent. If a federal Form 706 is required, then a Maine estate tax return (Form 706ME) is also required if (1) the decedent was a Maine resident at the time of death or (2) the decedent was a nonresident and owned real and/or tangible personal property located in Maine at the time of death. If you answer “yes” to either question A or B below, you must file a Maine estate tax return as provided below.Ī) Is a federal estate tax return required? Do I have to file a Maine estate tax return? What Maine property held by the trust, LLC or pass-through entity is sourced to Maine under 36 M.R.S.
Maine property in a trust, LLC or pass-through entity is included in the estate of a nonresident decedent.Can I ask to have interest and penalties waived?.If a nonresident decedent owns property in Maine and the property qualifies for the estate tax marital deduction, is a Maine return required?.
The IRS gives a credit for tax paid on recently inherited assets.Is the federal value of an estate automatically accepted as its value for Maine purposes?.Does Maine conform to the federal law and regulations regarding the alternate valuation date?.How do I request a lien release for real and tangible personal property in an estate?.Do I have to file a Maine estate tax return?.
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