IRS Announces Due Date For IRS Form 8939

Today, the IRS has announced a November 15 due date for IRS Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent.

The announcement notes:

Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. However, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. This recent law allows executors of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act. This choice is to be made by filing Form 8939.

The announcement has been highly anticipated.

UPDATE Sept 13, 2011 - The deadline for Form 8939 has been changed from November 15, 2011 to January 17, 2012.