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Monday, August 31, 2015

Inherited Property Reporting Requirements Delayed

On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  One of the Act's provisions requires consistent basis reporting for estate tax and income tax purposes. 

Section 6035(a)(1) provides that the executor of an estate must furnish to the IRS and the beneficiary, who acquires an interest in property of the estate, a statement identifying the value of each interest in such property and such other information that the IRS prescribes.

This provision applies to all estate tax returns filed after July 31, 2015.

The IRS has now issued Notice 2015-7 which delays the filing of these statements.  The Notice provides that any such statements to be filed with the IRS and the beneficiary before February 29, 2016, the due date for filing the statements is delayed to February 29, 2016.

If you require any further information please contact us.


Bob Katz

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