Form 8939 (Allocation of Increase in Basis for Property Acquired From a Decedent) is due on January 17, 2012 for the estates of decedents who died in 2010. This form is required if the executor chooses to elect out of the 2010 federal estate tax in the "modified carryover basis" rules that were applicable for 2010. The due date is very strict and executors should try to put as much accurate information on the form as possible as amending the form before July 17 may be an available option.
See "Carryover Basis/GST Exemption Form 8939 Due January 17, 2012," McGuire Woods (Jan. 6, 2012).
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
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