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Legacies

Posts from February 2016

  • New IRS Form Required for Estate Basis Reporting Due Feb. 29

    February 5, 2016

    On January 29, 2016, the IRS released the final version of Form 8971 "Information Regarding Beneficiaries Acquiring Property From a Decedent," and its instructions. As a part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, estate executors are now required to provide the IRS and each beneficiary with the estate tax value of any property which the beneficiary is due to receive.

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