§6035 Basis Information to Persons Acquiring Property From Decedent

Summary

Executors must give the IRS and each person who gets property from a decedent a written statement showing the value of each inherited interest as shown on the federal estate tax return and any other details the IRS requires. People who must file a related return (for example certain beneficiaries) must also give the same kind of statement to the IRS and to others who have a legal or beneficial interest in the property. The statement must be provided when the IRS says, but never later than the earlier of: 30 days after the estate tax return was due (including extensions) or 30 days after the return is filed. If the reported information is later changed, an updated statement must be sent within 30 days of the change. The IRS must write rules to apply these steps, including for property with no estate tax return and when a surviving owner has better value or basis information than the executor.