Deductions from gross estate if conjugal family home exceeds 10 million; decedent married

Illustrative example to properly present the manner of deducting family home, standard deduction, and other allowable deduction from the gross estate in accordance with the provisions of the NIRC.

Decedent is married, the family home is conjugal property, more than P10,000,000:

Conjugal Properties:

Family Home P30,000,000
Real and personal properties 14,000,000
Exclusive Properties 5,000,000

Gross Estate: P49,000,000

Less:

Ordinary Deductions
Conjugal Ordinary Deductions (2,000,000)
Net Conjugal Estate 42,000,000

Special Deductions
Family Home (10,000,000)
Standard Deduction (5,000,000)

Total Deductions (17,000,000)

Net Estate 32,000,000

Less: ½ Share of Surviving Spouse (21,000,000)

Conjugal Property P44,000,000
Conjugal Deductions (2,000,000)
Net Conjugal Estate P42,000,000
(P42,000,000/2)

NET TAXABLE ESTATE P11,000,000 (Proper presentation of family home and standard deduction as deductions from the gross estate. Section 8, Revenue Regulation No. 12-2018. January 25, 2018)

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