You are still mourning for the loss of your loved ones and yet you have to set aside your grief and comply with the requirements and filing of estate tax.

Estate tax is a tax on the right of a deceased person to transmit the estate or his properties to his or her lawful heirs and beneficiaries at the time of death.

Notice of death should be filed with the BIR within two months after the decedent’s death and estate tax return should be filed within six (6) months from the decedent’s death.

The following are the basic documentary requirements that should be submitted together with the estate tax return:

1. Notice of Death duly received by the BIR
2. Certified true copy of the Death Certificate
3. Deed of Extrajudicial Settlement of the estate or Court Orders/Decision or Affidavit of Self-Adjudication and Sworn Declaration of all properties of the Estate
4. Certified true copy of the schedule of partition of estate and order of court approving the same, if applicable
5. Certified true copy/ies of the registration documents of the properties involved
6. CPA Statement on the itemized assets of the decedent, itemized deductions from gross estate and the amount due if the gross value of the estate exceeds two million pesos, if applicable
7. Other pertinent documents

Failure to file the above requirements will subject the estate to penalties.

To ease your mind about the tedious process in the preparation of estate tax return or any tax-related assistance, contact Triple I Consulting.