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Instructions for Form 8971 and Schedule A Department of the Treasury Internal Revenue Service (Rev. September 2016) Information Regarding Beneficiaries Acquiring Property From a Decedent (For use
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How to fill out form 8971 instructions

01
Read the instructions carefully before filling out the form.
02
Start by entering your personal information, such as your name, address, and taxpayer identification number.
03
Provide the details of the estate for which you are filing the form, including the date of death and the executor's name.
04
Report the values of the assets and liabilities of the estate, following the specific instructions provided.
05
Include any applicable additional information and attachments as required by the instructions.
06
Ensure all the information provided is accurate and complete.
07
Review the form for any errors or omissions before submitting it.
08
Submit the completed form to the appropriate tax authority or follow the instructions for electronic filing.

Who needs form 8971 instructions?

01
Executors of an estate who are required to report the estate's assets and values to the IRS.
02
Individuals or entities who are responsible for filing the final income tax return for a decedent.
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Form 8971 instructions provide guidance on how to fill out and submit Form 8971, which is used to report the basis of inherited property.
Executors of an estate that is required to file Form 706 must also file Form 8971 and provide the beneficiaries with the necessary information.
Form 8971 instructions provide step-by-step guidance on how to fill out the form, including what information needs to be included and where to submit it.
The purpose of Form 8971 instructions is to ensure that the basis of inherited property is reported accurately to the IRS and the beneficiaries.
Form 8971 instructions require reporting the value of inherited property, the adjusted basis of the property, and the estate tax value of the property.
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