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FI LED “but.f.t MAY 8, 2017 :l, fate G I AII LZB.1111SUPREME COURT “*CLERK CONFERENCE OF CHIEF CIRCUIT JUDGES Administrative Office of the Illinois Courts Hon. Joseph G. McGraw, Chair Winnebago
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What is l ffate g i?
L ffate g i stands for Form 8971, which is used to report the basis of property inherited by a beneficiary.
Who is required to file l ffate g i?
The executor or personal representative of an estate is required to file Form 8971.
How to fill out l ffate g i?
Form 8971 should be filled out with the property's basis information and distributed to beneficiaries.
What is the purpose of l ffate g i?
The purpose of Form 8971 is to provide beneficiaries with the information they need to calculate basis when they sell inherited property.
What information must be reported on l ffate g i?
Form 8971 requires reporting the property's adjusted basis for estate tax purposes and the beneficiary's date of death value.
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