Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Deceased died 05/06/2010. There is some question between me

and the P/R whether the...
Deceased died 05/06/2010. There is some question between me and the P/R whether the estate assets are valued at death date or if the assets should be valued at decedant's cost.
Show More
Show Less
Ask Your Own Tax Question
Answered in 14 minutes by:
3/1/2012
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,638
Experience: Taxes, Immigration, Labor Relations
Verified

LEV :

Hi and welcome to Just Answer!

LEV :

the estate assets are valued at decedant's cost.
However - you may use stepped up basis - up to FMV of assets at death date - with limitation that the total increase of the basis fro all assets in the estate may not be more than $1,300,000.

Customer:

Does stepped-up basis require a formal election? The P/R needs some reassurance in addition to my opinion.

LEV :

That law was in effect only for 2010 and repealed starting 2011 as estate taxes are back.
I am looking for references...

LEV :

IRS Form 8939 is Allocation of Increase in Basis for Property Acquired From a Decedent - http://www.irs.gov/pub/irs-pdf/f8939.pdf
See also this notice - http://www.irs.gov/pub/irs-drop/n-11-66.pdf

LEV :

Use from 8939 for the formal election.

Customer:

Thank you. You have provided me the information I need to satisfy the P/R.

LEV :

You are welcome
Here are instructions for the form - http://www.irs.gov/pub/irs-pdf/i8939.pdf

LEV :

Here are instructions for the form http://www.irs.gov/pub/irs-pdf/i8939.pdf

LEV :

Please be sure to accept the answer. Experts are credited only if answers are accepted.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,638
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,638
30,638 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
Lev
Lev
Tax Advisor
30,638 satisfied customers
A dentist purchases the assets of a retiring dentist. The
A young dentist purchases the assets of a retiring dentist. The portion of the purchase price allocated to Dental Equipment is 150,000. The book value of the Dental Equipment on the retiring dentist's… read more
Lev
Lev
Tax Advisor
30,638 satisfied customers
Is there a limit to the amount of property taxes I can claim
Is there a limit to the amount of property taxes I can claim for 2017 for my primary residence as a deduction for 2017.… read more
abci168
abci168
Principal
27 satisfied customers
Got form 4549 from iRS. IRS has sent a form 4549 and asking
IRS has sent a form 4549 and asking me to pay 3510 as tax defecienecy … read more
abci168
abci168
Principal
27 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I am review IRS Form 966 regarding the complete dissolution
I am review IRS Form 966 regarding the complete dissolution of C-Corp owned by H and W. Only remaining asset is cash since there was an asset sale. IRS code Sec for this dissolution is Sec331. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
If a piece of property is being held by the IRS because one
If a piece of property is being held by the IRS because one of the siblings owes back taxes. Do the other heirs still get their part of the sale of the property. The property belonged to a deceased pa… read more
abci168
abci168
Principal
27 satisfied customers
Does the IRS limit the number of years a corporation (in
Does the IRS limit the number of years a corporation (in this case, a retail clothing store), can deduct losses? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a Card holder planning to sell foreign assets (property
Hi....I am a Green Card holder planning to sell foreign assets (property in India)...I am aware that I will have to pay the higher of the 2 tax liabilities (either Indian or American)..I expect my US … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
abci168
abci168
Principal
27 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
Can the IRS seize my assets for neither having health
Second opinion] Can the IRS seize my assets for neither having health insurance or paying the penalties.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Can IRS seize assets for non-payment of penalties/ no health insurance
Can the IRS seize my assets for neither having health insurance or paying the penalties? This is in the state of Ohio. I file returns every year but haven't had insurance since 2014. I simply paid wha… read more
abci168
abci168
Principal
27 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Real estate tax exemption removal back taxed. Property was
Real estate tax exemption removal back taxed. Property was owned by church in small town. Now private owned residential. Back tax assessed is more than current year tax!… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Are there limits on the types of assets that may be
are there limits on the types of assets that may be capitalized in a new S corporation, ie. fixed assets, inventory, lease improvements, that were paid for by a sister S Corp, and recorded on the sist… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x