Deduction of Family Home From The Gross Estate | 13 October 2023

The notion of a family home holds a significant place in the hearts of individuals and families

Author

Alburo Law
October 13, 2023

Requisites for Deduction of Family Home From The Gross Estate

The family home qualifies as a deduction from the gross estate under the following conditions:

  1. The decedent is either married or the head of a family.

  2. The family home is the actual residential home at the time of death of the decedent.

  3. The residency of the decedent in the barangay where the family home is situated is established.

  4. The value of the deduction must be equivalent to the fair market value of the property or the decedent’s interest but not exceeding 10 million pesos.

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