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IRS Delays Due Date for Choosing Basis Allocation for Decedents Dying in 2010 - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Delays Due Date for Choosing Basis Allocation for Decedents Dying in 2010

The IRS announced that it is loitering a due date for Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, past a strange Apr 18 due date, though did not announce what a new due date will be (IR-2011-33). Therefore, for decedents who died in 2010, a form does not need to be filed with a decedent’s final Form 1040. A decedent’s final Form 1040 is still due Apr 18.

So far, a IRS has expelled usually a breeze Form 8939 for 2010, and it announced that it would emanate superintendence and afterwards a final form and a due date. The IRS did not announce when that would happen.

Form 8939 is used to settle a basement of skill acquired from a chairman who died in 2010. This is difficult since executors can elect to not have a estate taxation and step-up in basement manners request for 2010. Instead, executors can opt out of a estate taxation for 2010 and have mutated carryover basement manners apply. For some-more coverage of this, see Brophy, “Death and Taxes: Executors Beware,” 42 The Tax Adviser 270 (April 2011).

The IRS proclamation states that a Service skeleton to emanate destiny superintendence that will yield a deadline for filing Form 8939 and for electing to have a estate taxation manners not request to a estates of persons who died in 2010. The IRS says a stirring superintendence will also explain how an executor of an estate will make a choosing to have a estate taxation not request and promises that “a reasonable duration of time for credentials and filing will be given between distribution of a superintendence and a deadline for filing Form 8939 and for electing to have a estate taxation manners not apply.” However, a proclamation does not contend how prolonged that duration will be.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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