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#2012-1 : Deadline to elect zero estate tax for 2010 is January 17

Thursday, January 05, 2012

The due date for filing Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, to choose zero estate tax and allocate basis among beneficiaries for decedents dying in 2010 is rapidly approaching. The January 17, 2012, deadline cannot be extended. If the election is made, the estate is not subject to federal estate tax and won’t have to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.

To help with filing Form 8939, new Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, has been released by the IRS.

More estate tax information is available with Rules for 2010 and 2011 Deaths, one of Spidell's on-demand webinars. Click here to order.

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