The Internal Revenue Service has again delayed the deadline for reporting the basis of property distributed from the estate of a decedent until March 31.
Notice 2016-19 provides that statements required under section 6035 of the tax code, regarding the basis of property distributed from the estate of a decedent, need not be filed or furnished until March 31, 2016, rather than the current deadline of February 29.
The notice also recommends that executors and other persons who are required to file an estate tax return wait to prepare the statements required under section 6035 until the Treasury Department and IRS issue further guidance.
Back in August, the Treasury Department and the IRS had issued an earlier notice delaying the due dates until Feb. 29, 2016, in response to legislation that President Obama signed into law at the end of July, Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The legislation was supposed to make the due dates effective immediately, but the IRS provided relief by extending the due date.
The more recent notice, which the IRS issued Thursday, provides a further extension because the IRS plans to release proposed regulations for Form 8971, “Information Regarding Beneficiaries Acquiring Property from a Decedent,” along with Schedule A, in the near future, and it wants to provide executors and others the opportunity to review the proposed regulations before submitting the required information.