New IRS Form 8971 Rules to Report Beneficiary Cost Basis
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People also ask
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What is the IRS cost basis step up rule?
A stepped-up basis is a tax law that applies to estate transfers. When someone inherits investment assets, the IRS resets the asset's original cost basis to its value at the date of the inheritance. The heir then pays capital gains taxes on that basis.
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What is the IRS form for reporting cost basis?
For example, brokerage firms must report cost basis and the type of capital gain (short-term or long-term) on Form 1099-B for the sale of stocks, bonds, options and other securities depending upon their purchase date.
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What must be reported on form 8971?
Complete Form 8971 to report assets allocated to beneficiaries (706) Form 8971, along with a copy of every Schedule A, is used to report values to the IRS. One Schedule A is provided to each beneficiary receiving property (real estate property) from an estate.
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What assets are excluded from form 8971?
Do you have to report cash and cash equivalents on Form 8971? No. There are four types of assets that are excluded on the form: cash, IRD, certain tangible personal property and property that is sold, exchanged, or otherwise disposed of in a transaction in which capital gain or loss is recognized.
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Do IRAS get reported on form 8971?
Generally, a Roth IRA is not IRD when it is inherited. Since a Roth IRA is not IRD, arguably it needs to have its date-of-death value reported on Form 8971, while a regular IRA's value can be excluded since it is usually IRD.
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What needs to be reported on 8971?
Form 8971, along with a copy of every Schedule A, is used to report values to the IRS. One Schedule A is provided to each beneficiary receiving property from an estate. Provide each beneficiary only with a copy of that beneficiary's own Schedule A.
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Is form 8971 required if filing for portability?
4. Should we file Form 8971 if the 706 return was filed only to elect portability? No, you don't have to file Form 8971 if you file a 706 just to make an election such as portability or a GST tax election or allocation.
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Which of the following is reported on form 4797?
Form 4797 is used to report the sale or disposition of certain types of property, such as real estate, business assets, and investments. You should report the details of these transactions, including the date of sale, the sale price, and the original cost of the property.
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