The IRS has postponed the deadline for executors to file notice to beneficiaries of an interest or “basis” in real property, due to recent changes in the law specified in the recent Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The IRS will need to develop new guidelines concerning the impact of these changes upon reporting requirements specified under section 1014(f) and changes to section 6035 of the new act.
As a result of changes in the new law, executors are required to provide notification to any person who holds a legal or beneficiary interest in real property listed on the associated estate’s tax return, and to provide a copy of this notification to the IRS. Executors will have until February 29, 2016 to file that notice, which allows the IRS and the US Treasury Department to develop new guidelines based upon changes specified in the new act.
If you are an executor and you have questions about your responsibilities, liabilities or tax issues surrounding an estate we invite you to contact us for a free and substantive consultation at 866-631-3470.
