Estate executors have another responsibility
A law effective as of July 31, 2015, included provisions that require certain executors to file a statement with estate beneficiaries and the IRS, notifying both of the value of property as reported on the estate return. Unless an exception applies, the beneficiaries can claim no more than that value when the property is later sold or disposed of.
Under the new rule, the statement is due within 30 days after the estate return is filed or 30 days after the due date of the estate return, whichever is earlier. However, if you’re required to file this new statement before February 29, 2016, the due date for filing and furnishing the statement is delayed until February 29, 2016.
We’ll keep you updated as guidance becomes available.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.