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The IRS has released yesterday and today form 8939 and its instructions for 2010 decedents opting out of the federal estate tax and therefore needing to allocate the $1.3 Million increase in basis and/if applicable the $3 Million increase available to spouses for qualifying property.

The URL for the pick list is as follows:

IRS Forms and Instructions

Please read the important information relating to tax advice at the bottom of this web page.

Best regards,
Bob Wolf, Moderator

“Any tax advice in the foregoing message was not intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties that may be imposed with respect to the matters addressed. Some of that advice may have been written to support the promotion or marketing of the transactions or matters addressed within the meaning of IRS Circular 230, in which case, be advised that the advice was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and you should seek advice based on your particular circumstances from an independent tax advisor.”