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Instructions for Form 8971 and Schedule A Department of the Treasury Internal Revenue Service (January 2016) Information Regarding Beneficiaries Acquiring Property From a Decedent General Instructions
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How to fill out instructions for form 8971
How to fill out instructions for form 8971:
01
Start by carefully reading through the instructions provided on the form itself. Make sure you understand all the requirements and information that needs to be provided.
02
Gather all the necessary documents and financial information related to the decedent's estate. This may include the estate tax return, estate assets and liabilities, and any additional forms or schedules required for reporting purposes.
03
Begin filling out the form 8971 by entering the decedent's name, Social Security number, and date of death in the designated fields.
04
Proceed to provide the required information about the executor or administrator of the estate, including their name, contact information, and whether they are an individual or an organization.
05
Complete the sections related to the beneficiaries of the estate. This includes entering their names, Social Security numbers, relationship to the decedent, and the information regarding the property received from the estate.
06
Carefully review all the information provided on the form before submitting it. Double-check for any errors or missing details that need to be corrected.
07
Submit the completed form 8971 to the appropriate authority, typically the Internal Revenue Service (IRS), within the specified deadline.
Who needs instructions for form 8971:
01
Executors or administrators of estates are typically the ones who need instructions for form 8971. This form is used to report the final estate tax value of property distributed from a decedent's estate to beneficiaries. The executor or administrator is responsible for accurately completing and submitting this form.
02
Beneficiaries of the estate may also benefit from reviewing the instructions for form 8971, as it provides guidance on what information they need to provide to the executor or administrator, and what details they can expect to see on the form when it is provided to them.
In summary, anyone involved in the administration of an estate, specifically the executor or administrator, and the beneficiaries who receive property from the estate, may need instructions for filling out form 8971 accurately and efficiently.
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What is instructions for form 8971?
Form 8971 is used to report basis information for property acquired from a decedent.
Who is required to file instructions for form 8971?
The executor of an estate that is required to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.
How to fill out instructions for form 8971?
The executor must provide detailed information about the property, date of death value, and the person to whom the property is being transferred.
What is the purpose of instructions for form 8971?
The purpose is to ensure consistency between the basis reported to the IRS and the basis reported to beneficiaries.
What information must be reported on instructions for form 8971?
Information such as property description, date of death value, and beneficiary's information must be reported.
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