Many tax professionals overlook the opportunity to manage the decedent’s original tax basis for real estate assets that are recorded on their tax depreciation schedule before death.
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TOPICS
Taxation of Estates & Trusts
Estates Have Until June 30 to File Estate Basis Form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
Estate Basis Consistency Reporting Rules Are Proposed
The regulations reiterate the delayed reporting deadline of March 31, 2016.
Due Date for Estate Basis Reporting Postponed Once Again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Source of Consideration for Transfer Not Relevant in Gift Analysis
The Tax Court held that a transfer for adequate consideration was not a gift
2016 Tax Tables and Inflation Adjustments Are Released
The IRS issued the annual inflation adjustments
for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
Consider Combining the Tax Benefits of a Preferred Family Limited Partnership With a GRAT
Certain high-net-worth clients might achieve better results by using a preferred family
limited partnership rather than
an intentionally defective grantor trust or a grantor retained annuity trust.
Is an Anomaly in Form 8960 Resulting in an Unintended Tax on Tax-Exempt Income?
This article provides an overview of the net investment income tax calculations for individuals and trusts.
Rules Are Proposed on Sec. 2801 Tax on Gifts and Bequests From Expatriates
Taxpayers who receive gifts or bequests from individuals who gave up U.S. citizenship or residency will be subject to tax under proposed rules.
Recent Developments in Estate Planning (Part 2)
This is the second of a two-part article examining developments in estate, gift, trust, and generation-skipping transfer taxes between June 2014 and May 2015.
Proposed Rules Govern Taxation of Gifts and Bequests From Covered Expatriates
Taxpayers who receive gifts or bequests from certain individuals who gave up their U.S. citizenship or residency will be subject to tax under rules proposed by the IRS on Wednesday.
Reporting Depreciation When Trusts Own Business Entities
Tax practitioners need to be aware of two special rules that apply to a nongrantor trust or estate that owns the passthrough entity.
Recent Developments in Estate Planning (Part 1)
This is the first part of a two-part article examining developments in estate, gift, and trust income tax between June 2014 and May 2015. Part 1 discusses gift and estate tax developments.
Final Rules Guide Use of Portable Estate Tax Exclusion
Final rules govern the requirements for electing portability of a deceased spouse’s unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of that amount.
IRS Announces Delayed Due Date for New Estate Basis Reporting Rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
New Law Imposes Immediate Estate Basis and Reporting Requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
Final Regulations Prevent Manipulation of Trust Uniform Basis Rules to Avoid Gain
The regulations are designed to prevent transactions in which trust grantors receive the value of their term interest without recognizing taxable gain.
Asset Protection Planning Legacy Trusts: Ohio’s New Model Law
This item addresses basic asset protection issues and describes Ohio’s new asset-protection trust statute.
IRS Issues Final Portability Rules for Estate Tax Exemptions
The IRS issued final rules governing the requirements for electing portability of a deceased spousal unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of the amount.
IRS Should Make Portability Elections Easier, AICPA Says
AICPA Tax Executive Committee chair requested that the IRS provide relief to surviving spouses who want to elect portability of the deceased spouse’s unused estate tax exemption (DSUE) amount.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
