In Notice 2016-19, , 2016-09 I.R.B. ___, the IRS has again postponed the due date for basis reporting (i.e., filing Forms 8971), this time to March 31, 2016. The notice (which is stated to be effective February 11, 2016) also … Continue reading
Tag Archives: Federal income tax
The Internal Revenue Service has released a 12/18/2015 draft of a new Form 8971 for reporting basis information in accordance with new IRC section 6035 for assets held by a decedent and reported on a federal estate tax return (Form … Continue reading
In Notice 2015-57, the IRS has announced that the due date for the first new tax basis reports that must be filed under new IRC section 6035 is postponed to February 29, 2016. The Surface Transportation and Veterans Health Care … Continue reading
Consistent tax basis reporting by the executor of an estate on the federal estate tax return and the beneficiaries of the estate on their individual income tax returns will be required under section 2004 of the Surface Transportation and Veterans … Continue reading
It is quite common for a broker or other payor to issue Forms 1099-INT or 1099-DIV in the name of the decedent, and with the decedent’s security number, reporting income received after death. This happens because brokers continue to record...
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According to the Analytical Perspectives volume from President Obama’s fiscal 2016 budget proposal, the President will be proposing that transfers at death or by gift should result in the recognition of gain. From the volume: In the case of a … Continue reading
[This article was published in the PBA Real Property, Probate and Trust Law Newsletter, No. 73 (Summer 2013), p. 12, and has not been significantly revised beyond updating some citations.] In United States v. Windsor, 570 U.S. 744, 133 S. … Continue reading