§6035 Basis information to persons acquiring property from decedent

Summary

Executors must give the IRS and each person who gets any part of the estate a written statement showing the value of each inherited interest as listed on the estate tax return and any other details the IRS requires. People who must file under section 6018(b) must give the IRS and everyone else who has a legal or beneficial interest the same kind of statement. The statement must be sent by the earlier of: 30 days after the return was due (including extensions), or 30 days after the return is filed. If the information is later changed, an updated statement must be sent within 30 days of that change. The IRS must write rules to explain how these requirements work, including when no estate tax return is needed and when a surviving joint owner might have better information about value or basis than the executor.