The Office of Tax and Revenue (OTR) would like to inform taxpayers of the changes to the estate taxes for 2017.
Following are highlights of the changes:
- For persons who died after December 31, 2016, the estate tax threshold (the portion of the estate not subject to tax) will increase from $1 million to $2 million.
- DC estate tax returns are due 10 months from the date of death. For example, if a person died on December 31, 2016, an estate tax return will be due on October 31, 2017 using the $1 million threshold. If a person died on January 1, 2017, an estate tax return will be due on November 1, 2017 using the $2 million threshold.
- Taxpayers will continue to file their estate tax returns using Form D-76 using the DC-76 Tax Computation Worksheet to compute the amount of tax due.
Stay tuned for more details and information regarding the updated D-76 Computation Worksheet for persons who died in 2017.