Form 8939–The “Estate Tax Return” for 2010

There is no estate tax in 2010, but IRS still wants estates with assets over $1.3 million to file an information tax return.  The IRS released a draft of what the return will look like. It is called IRS Form 8939 – Allocation of Increase in Basis for Property Received from a Decedent. The purpose of the form in this year of estate tax repeal to allocate the modified carryover basis of a person who dies in 2010. The return is a very short three page form and will be due on April 15, 2011, which is the same date as a 2010 decedent’s final income tax return (Form 1041). A draft of the Form 8839 can be found by clicking here.

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