Monday, January 16, 2012

Form 8939 - Allocation of Increase in Basis for Property Acquired From a Decedent

Reminder: If you have a client who died in 2010 and the executor wants to elect out of the estate tax and into the carry-over basis regime, Form 8939 must be filed.  The deadline for filing the return is tomorrow, January 17.  There are no extensions of time to file this form.  In addition, as I have stated in a previous blog, the only way to elect out of the estate tax, for 2010 decedents, is to timely file this form.

Bob Katz