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.
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