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Tag Archives: Form 8971

Form 8971

New IRS Form 8971: Basis Reporting for Taxable Estates

By Jeffrey R. Gottlieb |

When an individual dies leaving a gross estate (plus past taxable gifts) that exceeds the federal exclusion amount in the year of death ($5.45 million in 2016), a Form 706 Federal Estate Tax Return must be filed. This has long been the law. But a new law now imposes an additional filing requirement on… Read More »