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NEWS Form 8971: Consistent Basis Reporting Between Estate and Persons Acquiring Property From a Decedent 12.28.2015 Recent changes to the law have imposed upon executors of a decedents' estate new
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How to fill out form 8971 consistent basis
How to fill out Form 8971 consistent basis:
01
Begin by gathering all the necessary information for the form. This includes the decedent's name, social security number, date of death, and estimated estate tax value. Also, be sure to have any necessary supporting documents.
02
Fill out the top section of Form 8971, providing the required personal information of the executor or personal representative and the name of the estate.
03
Proceed to Part 1 of the form, where you will report the values of the property being administered. This includes identifying each property item, its date of death value, the decedent's adjusted basis, and any other relevant information.
04
In Part 2, you need to list the beneficiaries who are receiving property from the estate. Provide their names, social security numbers, and their respective shares of the property. Also, include the identified recipient's contact information.
05
Next, calculate the consistent basis for each beneficiary. This is the fair market value of the property they received plus any adjustments, such as estate expenses or capital gain amounts. Document these calculations accurately for each beneficiary in Part 3 of the form.
06
Finally, complete the certification section, sign, and date the form. If there are multiple executors or personal representatives, each one should sign. Make sure to retain a copy of the completed Form 8971 for your records.
Who needs Form 8971 consistent basis?
01
Executors or personal representatives of an estate who are required to file Form 8971 consistent basis with the IRS.
02
Beneficiaries of an estate who receive property with a cost basis that requires adjustment.
03
Tax professionals or advisors assisting in the administration of an estate and ensuring compliance with the estate tax laws.
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What is form 8971 consistent basis?
Form 8971 is used to report the basis of inherited property to the IRS.
Who is required to file form 8971 consistent basis?
The executor of an estate is required to file form 8971 consistent basis.
How to fill out form 8971 consistent basis?
Form 8971 should be completed with the information about the inherited property and its basis.
What is the purpose of form 8971 consistent basis?
The purpose of form 8971 is to provide the IRS with information about the basis of inherited property for tax purposes.
What information must be reported on form 8971 consistent basis?
Form 8971 must include the value of inherited property and its basis for tax purposes.
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