Congress has recently passed the Surface Transportation and Veterans Healthcare Choice Improvement Act of 2015 that will make certain changes to tax law that will have an immediate impact on practitioners. “Section 2004 of the act requires consistent reporting of basis between an estate and anyone acquiring property from the decedent and imposes new reporting requirements.” The key provisions of this new legislation went into effect on July 31, 2015. Section 1014 was amended by the act to require the basis of property inherited from a decedent be consistent with what was reported on the estate tax return. Section 6035 was created to impose reporting requirements on the estate’s executor if the estate is required to file under Section 6018(a). If the beneficiary is required to file under 6018(b) the same reporting requirements are imposed by the statute.
See Alistair M. Nevius, J.D., New law imposes immediate estate basis reporting requirements, Journal of Accountancy, August 14, 2015.
