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Instructions for Form 8971 and Schedule Department of the Treasury Internal Revenue Service(Rev. September 2016)Information Regarding Beneficiaries Acquiring Property From a Decedent (For use with

How to fill out instructions for form 8971

How to fill out instructions for form 8971:

1. Start by reading the instructions carefully to understand the purpose and requirements of form 8971. Familiarize yourself with any terms or definitions mentioned in the instructions.
2. Gather all the necessary information and documents needed to complete the form. This may include details about the decedent, their estate, and any beneficiaries.
3. Begin filling out the form by entering the decedent's personal information, such as their name, date of death, and social security number, in the appropriate sections.
4. Move on to providing information about the estate, including its name, employer identification number (EIN), and the date of death. This section may also require you to provide the value of the estate and the date of allocation of its assets.
5. Next, fill out the beneficiary information. Include the name, address, social security number, and relationship to the decedent for each beneficiary.
6. Complete any additional sections of the form as instructed, such as providing information about other forms attached or any elections made related to the estate.
7. Review the completed form for accuracy and completeness. Make sure all required fields are filled out and all information is entered correctly.
8. Sign and date the form as applicable.
9. Submit the completed form to the appropriate tax authority or follow any additional instructions provided. Retain a copy of the filled-out form for your records.

Who needs instructions for form 8971?

1. Executors or personal representatives of a deceased person's estate who are responsible for reporting the estate's income and distributing its assets.
2. Beneficiaries of the estate who may need guidance on understanding their tax obligations and reporting any inherited assets.
3. Tax professionals, accountants, or attorneys who assist in the preparation and filing of estate tax returns or provide advice on estate matters.

For pdfFiller’s FAQs

What is instructions for form 8971?

The instructions for form 8971 provide guidance on how to report the final estate tax value of property inherited from a decedent.

Who is required to file instructions for form 8971?

The executor of an estate is required to file instructions for form 8971 if the estate is subject to estate tax.

How to fill out instructions for form 8971?

Instructions for form 8971 should be filled out following the guidelines provided by the IRS, including providing detailed information on the inherited property.

What is the purpose of instructions for form 8971?

The purpose of instructions for form 8971 is to ensure accurate reporting of the final estate tax value of inherited property for tax purposes.

What information must be reported on instructions for form 8971?

Instructions for form 8971 must include a description of the property, the estate tax value, and the basis of the property.

How do I make changes in instructions for form 8971?

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