IRS 8971 2016-2025 free printable template
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How to fill out irs information beneficiaries
How to fill out IRS 8971
01
Obtain IRS Form 8971 from the official IRS website.
02
Read the instructions provided on the form carefully.
03
Fill in the decedent's information, including their name, date of death, and taxpayer identification number.
04
List the beneficiaries and their contact information.
05
Provide a description of the property that is being transferred to each beneficiary.
06
Indicate the fair market value of the property as of the date of death.
07
Sign and date the form to certify that the information is accurate.
08
Submit the completed Form 8971 along with the estate tax return or as a separate filing, as required.
Who needs IRS 8971?
01
Any executor or personal representative of a decedent's estate that is required to file an estate tax return.
02
Beneficiaries receiving property from a decedent's estate when the estate is required to report information about the property.
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People Also Ask about 8971 pdf
What is form 8971 for?
Executors file this form to report the final estate tax value of property distributed or to be distributed from the estate, if the estate tax return is filed after July 2015. This form, along with a copy of every Schedule A, is used to report values to the IRS.
Who must file form 8971?
Executors of estates filing Form 8971 are required to complete a Schedule A for each beneficiary that acquired (or is expected to acquire) property from the estate. You will need a copy of the Form 706 or Form 706-NA filed by the estate of the decedent to complete this schedule.
What is the penalty for not filing 8971?
$250 per Form 8971(including attached Schedule(s) A) if it is filed more than 30 days after the due date or if it is not filed. The maximum penalty is $3,000,000 per year ($1,000,000 if the taxpayer qualifies for lower maximum penalties, as described below).
What are the penalties for 8971?
The penalty is as follows. $50 per Form 8971 (including all Schedule(s) A) if it is filed within 30 days after the due date. The maximum penalty is $532,000 per year (or $186,000 if the taxpayer qualifies for lower maximum penalties, as described below).
What is the normal due date for form 8971 and Schedule A?
Generally, an estate that is required to file Form 8971 and Schedules A must do so by the earlier of (a) 30 days after the estate tax return was required to be filed (including extensions, if any) and (b) 30 days after the estate tax return was actually filed.
What gets reported on 8971?
Executors file this form to report the final estate tax value of property distributed or to be distributed from the estate, if the estate tax return is filed after July 2015. This form, along with a copy of every Schedule A, is used to report values to the IRS.
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What is IRS 8971?
IRS Form 8971 is a tax form used to report the value of property transferred from a decedent to their heirs or beneficiaries.
Who is required to file IRS 8971?
Executors of estates that are required to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, must file IRS Form 8971.
How to fill out IRS 8971?
To fill out IRS Form 8971, executors must provide details about the estate's property, including the names of beneficiaries and the value of the property received by each.
What is the purpose of IRS 8971?
The purpose of IRS Form 8971 is to ensure that beneficiaries report the correct basis for inherited property when they sell it, thus helping the IRS to track the potential tax owed.
What information must be reported on IRS 8971?
IRS Form 8971 requires reporting the fair market value of the property transferred, the date of death of the decedent, and the identification of the beneficiaries receiving the property.
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