Get the free Form 8971: A Practical Approach to Basis Reporting by Estates

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How to fill out form 8971 a practical

How to Fill Out Form 8971 - A Practical Guide:

01

Begin by gathering all the necessary information. You will need the decedent's name, date of death, and taxpayer identification number (TIN), as well as the estate's employer identification number (EIN) and contact information.

02

Next, start filling out Part 1 of Form 8971. Provide the decedent's name, date of death, and TIN. If the estate qualifies for a filing extension, indicate that on the form.

03

Move on to Part 2, where you will need to identify the executor or personal representative of the estate. Fill in their name, address, and TIN.

04

Part 3 requires the allocation of property to beneficiaries. List each beneficiary's name, address, TIN, and the value of property received. Ensure that you provide accurate and complete information for each beneficiary.

05

Proceed to Part 4, where you will disclose certain details regarding the property's value. Include the date of death fair market value, any adjustments, and the final date of distribution or transfer.

06

Attach Schedule A to Form 8971 and provide additional information about each beneficiary and the property transferred.

Who Needs Form 8971 - A Practical Guide:

01

Executors or personal representatives of an estate who are required to report and disclose information about the property transferred by an estate during the administration process.

02

Beneficiaries of an estate who have received property from the estate and need to know the filing requirements for their tax returns.

03

Tax professionals, including accountants or attorneys, who are responsible for assisting the executor or beneficiaries in preparing and filing estate-related tax forms accurately.

Remember to consult with a tax professional or refer to the official instructions provided by the Internal Revenue Service (IRS) for a complete and thorough understanding of how to fill out Form 8971.

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What is form 8971 a practical?

Form 8971 is used to report the basis of certain inherited property under section 1014(f).

Who is required to file form 8971 a practical?

The executor of an estate required to file an estate tax return must also file form 8971.

How to fill out form 8971 a practical?

Form 8971 must be completed with the basis information of inherited property and submitted to the IRS.

What is the purpose of form 8971 a practical?

The purpose of form 8971 is to provide the IRS with basis information of inherited property to help determine capital gains taxes.

What information must be reported on form 8971 a practical?

Form 8971 requires reporting the basis information of property received from a decedent.

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