form 1041

[TAX4US]

I noticed in the instructions for form 1040 on page 1 paragraph 1 it states:"An estate(or other person) required to file an estate return after July 31, 2015 must provide a statement that includes the estate tax value of property reported on the return to both the IRS and any beneficiary who receives property from the estate."

Does this apply to an estate filing only a 1041 passing out stock?

What kind of statement is required and what must be in there. Would a copy of the inventory filed in court house suffice?

The values for most of what I have seen is provided by the broker when transferring the assets to new party.

What if no filing is required(1041) as all assets may have had joint owners, POD, TOD etc.

Am I overstating of overly concerned?

[DonB]

I noticed in the instructions for form 1040 on page 1 paragraph 1 it states:"An estate(or other person) required to file an estate return after July 31, 2015 must provide a statement that includes the estate tax value of property reported on the return to both the IRS and any beneficiary who receives property from the estate."

Does this apply to an estate filing only a 1041 passing out stock?

What kind of statement is required and what must be in there. Would a copy of the inventory filed in court house suffice?

The values for most of what I have seen is provided by the broker when transferring the assets to new party.

What if no filing is required(1041) as all assets may have had joint owners, POD, TOD etc.

Am I overstating of overly concerned?

The paragraph quoted refers to an Estate Tax Return (form 706). I know of no such requirement for other types of returns such as a 1041.

[mactoolsix]

Form 1041 or 1040?

I believe there was a typo in the OP post. Reading the instructions for form 1041 does indeed have the requirement as referenced in the OP.

Could this be a requirement to attach the new form 8971 which is now required to provide the asset values as claimed on the form 706 to each beneficiary?

Mike

[TXEA]

Providing the valuation of the assets is only required if the estate was required to file Form 706. Reporting is done on Form 8971 which can be accessed from the IRS website with instructions.

It appears that the bill signed in 2015 (the name escapes me right now) allowed some latitude to the IRS that may enable expanded reporting in the future.