2010 Estate Filings Extended

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via Spidell Publishing, Inc.

The IRS has released some further direction for 2010 estates. 

  • The extended due date to file Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, is now January 17, 2012.  This was extended from November 15, 2011.
  • Extensions requested on Form 4768, Application For Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes, will be granted for 2010 estates.  The extension only applies to filing the returns and interest will accrue on the estate tax liability from the due date of the return, apart from extensions.
  • The due date of Form 706 is 15 months after the date of death for estates of those who died after December 16, 2010 and before January 1, 2011.  Interest will still be charged on any estate tax paid after the original due date, but no late-payment or late-filing penalties will be due.
  • For individuals, estates and trusts that already filed a 2010 federal income tax return, or have obtained an extension and plan to file by October 17, 2011, special penalty relief has been made available.  Additional relief for late-payment and negligence penalties apply to persons who inherited property from a decedent dying in 2010, sold the property in 2010 and improperly reported gain or loss due to not knowing whether the estate made the carryover basis election.

See IR-2011-91, Notice 2011-76 for the full detail.

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