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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
August 08, 2011 at 09:10 AM
The IRS issued guidance on Friday for executors who plan to opt out of the estate tax and have carryover basis rules apply for estates of people who died in 2010.
The IRS said an executor who chooses to opt out of the estate tax must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, by Nov. 15. The IRS said it expected to issue Form 8939, which can currently be viewed in draft form, and related instructions early in the autumn.
The agency noted that the Economic Growth and Tax Relief Reconciliation Act of 2001 repealed the estate tax for people who died in 2010. However, the estate tax for those who died in 2010 was reinstated by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law allows executors to elect to be governed by the repealed 2001 carryover basis provisions.
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