Basis reporting between estate, person acquiring property from decedent

Consistent basis reporting between estate

The IRS today released an advance version of Notice 2015-57 announcing the effective date for statements filed with the IRS or furnished to a beneficiary receiving property from an estate under changes made to the Code by recently enacted legislation known as the “highway bill.”

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Notice 2015-57 [PDF 16 KB] concerns the statutory requirements for consistent basis reporting by both an estate and the person acquiring property from the decedent.

Today’s notice provides that for statements required to be filed with the IRS or furnished to the beneficiary before February 29, 2016, the due date is delayed to February 29, 2016. This guidance applies to executors of estates of decedents and to other persons who are required to file an estate tax return if the return is filed after July 31, 2015.

The delay is to “allow the Treasury Department and IRS to issue guidance implementing the reporting requirements of section 6035.”

Comments are requested concerning the to-be-issued guidance.

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