Get Form 8791

Executors file this form to report the final estate tax value of property distributed or to be distributed from the estate, if the estate tax return is filed after July 2015. This form, along with a copy of every Schedule A, is used to report values to the IRS.

About Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

Form 8971 is a separate filing requirement from the estate's Form 706 or 706-NA, and shouldn't be attached to the respective estate tax return. Form 8971 and attached Schedule(s) A must be filed with the IRS, separate from any and all other tax returns filed by the estate.

In the United States, we have two types of taxes as they relate to death–Form 706, often referred to as an estate tax return, and Form 1041, an income tax return for estates and trusts.

If any failure to file a correct Form 8971 or Schedule A is due to intentional disregard of the requirements to file correct Forms 8971 and Schedules A, the penalty is at least $500 per Form 8971 and the Schedules A required to be filed along with it with no maximum penalty. Inconsequential error or omission.

The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries.

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.

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedent's adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent's death, as shown in the table below.