Consistent Basis Reporting

Posted Monday, April 25, 2016 by John S. Palmer

The IRS has once again delayed the deadline for reporting the tax basis of property distributed by an estate. The purpose of the new reporting requirement is to prevent recipients of inherited property from claiming a tax basis in the property that differs from the basis claimed for estate tax purposes. I previously wrote about the new law, which applies to estates for which an estate tax return was due (or actually filed) after July 31, 2015. Per IRS Notice 2016-27, any estate for which the new IRS Form 8971 would otherwise be due before June 30, 2016 now have until that date to file.

If you have any questions or would like to schedule an appointment, please call us at (425) 455-5513, toll free at (877) 455-5513, or info@palmerlegal.com.