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Tag Archive for Form 706 NA

New IRS Form 8971 ”Information Regarding Beneficiaries Acquiring Property From A Decedent”

Larry-Stolberg

Section 2004 of the “SURFACE TRANSPORTATION ACT OF 2015” implements new reporting or what may otherwise be called “stepped up basis conformity”, for executors to ensure basis of assets inherited by heirs of an estate is in agreement with the value determination for federal estate tax purposes.

Section 6035 of the IRC is the NEW provision that outlines the requirement to provide basis information to persons acquiring property from decedents. Domestic estates filing IRS Form 706 or 706-A, or non-resident estates filing IRS Form 706-NA are affected by the new reporting provisions. Generally filing of these returns is done where taxable estate value exceeds the requirement to file threshold. For domestic estates, the 2015 threshold is $5.43M.
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