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The annual exclusion gift amount will be $13,000 (there is no inflation adjustment for the 2012 amount).

With just days left before the Sept 19, 2011 filing deadline for 2010 Federal Estate returns, the IRS posted the final Form 706 and Instructions on their website on 9/8/2011.

Still awaiting Final Form 8939 – Allocation of Increase in Basis for Property Acquired From a Decedent.  Previously, the AICPA had requested that the IRS and Treasury provide a blanket extension until 90 days after the forms and instruction are finalized. No final word received yet.

2010 Individuals, estate or trusts, who inherited property and sold it during 2010 have to file their returns by October 15, 2011.