{"id":139,"date":"2011-08-05T23:40:04","date_gmt":"2011-08-05T23:40:04","guid":{"rendered":"http:\/\/pleasantonestateplanninglawyer.com\/blog\/?p=139"},"modified":"2022-06-22T17:02:45","modified_gmt":"2022-06-22T17:02:45","slug":"new-irs-guidelines-issued-august-5-2011-on-treatment-of-basis-for-certain-estates-of-decedents-who-died-in-2010","status":"publish","type":"post","link":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/new-irs-guidelines-issued-august-5-2011-on-treatment-of-basis-for-certain-estates-of-decedents-who-died-in-2010","title":{"rendered":"New IRS guidelines issued August 5, 2011 on treatment of basis for certain estates of decedents who died in 2010."},"content":{"rendered":"\n\n\n\n\n
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2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates<\/h2>\n<\/td>\n<\/tr>\n

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IR-2011-83, Aug. 5, 2011WASHINGTON \u2014 The Internal Revenue Service issued guidance today on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply. Form 8939, the basis allocation form required to be filed by executors opting out of the estate tax, is due Nov. 15, 2011.Under the guidance issued today, an executor must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, to opt out of the estate tax and have the new carryover basis rules apply. The IRS expects to issue Form 8939 and the related instructions early this fall.Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. However, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. This recent law allows executors of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act. This choice is to be made by filing Form 8939.For more information on this, see IRS Rev. Proc. 2011-41 and IRS Notice 2011-66.<\/p>\n

Index of past posts:<\/span><\/strong><\/p>\n

A durable general power of attorney is an essential component of an estate plan, complimenting a living trust.<\/span> August 5, 2011<\/strong><\/p>\n

Avoiding probate delays and avoiding conservatorship delays becoming more important due to budget cutbacks.<\/span> August 5, 2011<\/strong><\/p>\n

New, portability of unused estate tax exemption for married couples offers simple<\/span> “2 for 1” plans. July 16, 2011<\/p>\n

Property tax increase looms as a big concern for many California inheritance and gift plans<\/a>, June 10, 2011<\/p>\n

Randal Dutra lecture on October 8, 2011<\/a>\u00a0June 7, 2011<\/p>\n

How to keep away the in-law from your child\u2019s inheritance. How to preserve the separate property character of an inheritance.<\/a>\u00a0May 29, 2011<\/p>\n

How much can trustees be paid? What is reasonable trustee compensation?<\/a>\u00a0May 18, 2011<\/p>\n

Medi-Cal Payment of Long Term Care in California<\/a>\u00a0May 13, 2011<\/p>\n

Ingredients for trust planning<\/a>\u00a0May 10, 2011<\/p>\n

Will there be estate tax due when I die?<\/a>\u00a0May 10, 2011<\/p>\n

Avoid Conservatorship of Your Person: Protect Your Health Care Decision With An Advance Health Care Directive<\/a>\u00a0April 15, 21011<\/p>\n

Avoid Losses and Protect Yourself from Lawsuits: Review All Your Insurance Coverage Annually<\/a>\u00a0April 8, 2011<\/p>\n

Who would raise your minor child? Selecting a guardian of your minor child\u2019s person.<\/a>\u00a0April 2, 2011<\/p>\n

New, extended deadline for increase in basis for property acquired from a person who died in 2010<\/a>\u00a0April 1, 2011<\/p>\n

Top 10: Do You Need to Update Your Trust or Will?<\/a>\u00a0March 25, 2011<\/p>\n

How to Choose a Nursing Home<\/a>\u00a0March 18, 2011<\/p>\n

NEW Estate Tax, Gift Tax, and Generation Skipping Transfer Tax Laws<\/a>\u00a0March 18, 2011<\/p>\n

Selecting A Trustee for Your Living Trust<\/a>\u00a0March 18, 2011<\/p>\n

President Obama\u2019s February 2011 Assumption for 2013 estate tax exemption<\/a>\u00a0March 18, 2011<\/p>\n

Copyright 2011 Phillips Law Offices, A Professional Corporation<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates IR-2011-83, Aug. 5, 2011WASHINGTON \u2014 The Internal Revenue Service issued guidance today on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate … Continue reading New IRS guidelines issued August 5, 2011 on treatment of basis for certain estates of decedents who died in 2010.<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-139","post","type-post","status-publish","format-standard","hentry","category-tax-planning"],"_links":{"self":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/comments?post=139"}],"version-history":[{"count":7,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/139\/revisions"}],"predecessor-version":[{"id":1155,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/139\/revisions\/1155"}],"wp:attachment":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}