33 Key Things to Know About Form 8939

By Vincent Lackner, J.D. of The Lackner Group, Inc.

The IRS Form 8939 (also known as “Allocation of Increase in Basis for Property Acquired From a Decedent”) was created in 2010 to deal with the modified carryover basis rules that were supposed to replace the federal estate tax rules for the 2010 tax year. Instead of allowing the estate tax to be repealed, Congress has given the heirs of 2010 decedents the option of applying the estate tax rules or the modified carryover basis rules. This 9-page report developed by attorney, Vince Lackner of The Lackner Group, Inc. goes over the key things you need to know about IRS Form 8939. While timely, as the Form was due on or before January 17, 2012, there are several practitioners still dealing with key issues on this Form, so we thought having this report would be helpful for some.