Family Home

Family home defined as the dwelling place or house where a person and his family reside and the land on which it is situated.

Value included in the gross estate which is the current fair market value or zonal market value of the family home whichever is higher shall be included in the gross estate.

Valuation date – at the time of death.

Conditions for allowance of deduction:

a. Decedent must have died on or after July 28, 1992.

b. Total value of the family home must be included in the gross estate of decedent.

c. The family home must be the actual residence of the decedent and his family at the time of death, as certified by the Barangay captain of the locality where the family home is situated.

d. Deduction cannot exceed the FMV or zonal value of the family home included in the gross estate not exceeding 1,000,000 PHP.

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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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