EST2509. Basis Consistency Regulations Update

In 2024, the Treasury and the IRS unveiled definitive guidelines on basis consistency for specific properties acquired from a decedent, as reported on Form 8971, Information Regarding Beneficiaries. These Final Regulations bring much-needed changes and clarifications, promising to simplify compliance for executors and trustees. However, they also introduce new compliance deadlines for estates and successor trusts.

Join our upcoming session to stay ahead of the curve on the final basis consistency regulations. Dive into the significant changes from the proposed regulations and gain insights into navigating the questions that the Final Regulations left unanswered. Don't miss this opportunity to ensure you're fully prepared to meet the new compliance requirements with confidence.

Learning Objectives:

• Recognize practical approaches to compliance with the regulations when preparing Forms 8971.
• Identify the impact of the final basis consistency regulations on supplemental reporting requirements.
• Distinguish notable changes from previously issued temporary and proposed regulations under sections 1014 and 6035.