This has been a hot story — when will Form 8939 for estates be due? My story was mainly just a re-print of IRS guidance, but nonetheless it is shown in its entirety below.
Form 8939 Filing Deadline Pushed Back to January 2012 (originally published 9/13/11)
The IRS has pushed back the filing deadlines for estates that need to file Forms 8939 or 706. Form 8939 is now due January 17, 2012, and Form 706 is now due March 19, 2012. Here’s more from the IRS notice (click here for more from the IRS website):
The IRS is providing the following relief:
- Large estates, opting out of the estate tax, now will have until Tuesday, Jan. 17, 2012, to file Form 8939. This special carryover basis form, required of estates making this choice, was previously due on Nov. 15, 2011. Because this is a change in the specified due date rather than an extension, no statement or form needs to be filed with the IRS to have this new due date apply.
- 2010 estates that request an extension on Form 4768will have until March 2012 to file their estate tax returns and pay any estate tax due. Normally, a six-month filing extension is automatically granted to estates filing this form, but extensions of time to pay are granted only for good cause. As a result, most 2010 estates that timely file Form 4768 will have until Monday, March 19, 2012 to file Form 706 or Form 706-NA. For estates of those dying late in 2010 (after Dec. 16, 2010 and before Jan. 1, 2011), the due date is 15 months after the date of death. No late-filing or late-payment penalties will be due, though interest still will be charged on any estate tax paid after the original due date.
- Special penalty relief is provided to many individuals, estates and trusts that already filed a 2010 federal income tax return, or obtained an extension and plan to file by the Oct. 17, 2011 extended due date. Late-payment and negligence penalty relief applies to persons inheriting property from a decedent dying in 2010, who then sells the property in 2010 but improperly reports gain or loss because they did not know whether the estate made the carryover basis election.