IRS Form 8971 Download Fillable PDF or Fill Online Information
Form 8971 Instructions 2021. Web this form, along with a copy of every schedule a, is used to report values to the irs. Part i decedent and executor information.
IRS Form 8971 Download Fillable PDF or Fill Online Information
The maximum penalty is $532,000 per year (or $186,000 if the taxpayer qualifies for lower maximum penalties, as described below). Executor's name (see instructions) 5. Web information about form 8971 and its separate instructions is at. This item is used to assist in filing form 8971. $50 per form 8971 (including all schedule(s) a) if it is filed within 30 days after the due date. Form 8971 is required to be filed if an estate has to file an estate tax return under form 706 after july 31, 2015. Check box if this is a supplemental filing. On march 2, 2016, the irs and treasury published proposed regulations regarding sections 1014(f) and 6035. Web when the correct form 8971 with schedule(s) a is filed. Web the irs has issued a new form 8971 “information regarding beneficiaries acquiring property from a decedent” and instructions.
This information return reports the values from the decedent’s gross estate to both the irs and to each beneficiary receiving property from the estate. Form 8971 is required to be filed if an estate has to file an estate tax return under form 706 after july 31, 2015. Web this form, along with a copy of every schedule a, is used to report values to the irs. $260 per form 8971 (including all Check box if this is a supplemental filing. Web form 8971 and accompanying schedule a are used to fulfill the section 6035 reporting obligations to the irs and the beneficiaries of estates. This item is used to assist in filing form 8971. Web form 8971 instructions pdf. Web if you received a schedule a to form 8971 for property and part 2, column c, of the schedule a indicates that the property increased the estate tax liability, you will be required to report a basis consistent with the final estate tax value of the property reported in part 2, column e, of the schedule. The penalty is as follows. This increases the duties of a personal representative or executor of a decedent’s estate.
