1836 (2012) when the Supreme Court held that the three year statute of limitations applied in matters of capital gains and overstatement of basis. The new changes apply to any estate tax return filed after the date of the new law.Ĭlarification of 6 Year Statute Of Limitations In Cases Of Overstatement Of Basis. To make sure that an accurate basis is easily ascertainable, the law also adds a new section, Section 6035, which requires the executor of an estate responsible for filing an estate tax return to also provide information returns to the Internal Revenue Service (IRS) and to those persons receiving the inherited property. To resolve differences between cost basis as reported by estates and beneficiaries, the new law requires that inherited property cannot have a higher basis than the basis reported by the estate for estate tax purposes (those of you familiar with alternate valuation dates, or AVD, could easily see how this might happen). These changes will show up in 2017: the due date applies to statements furnished after December 31, 2016.Ĭonsistent Basis Reporting Between Estate and Person Acquiring Property From Decedent. Those forms will now be required to report the amount of the outstanding principal on the mortgage at the beginning of the calendar year, the date the mortgage originated, and the address of the property securing the mortgage.
#What is the due date for 2016 tax extension code#
Section 6050H of the Tax Code is amended to require new information on forms 1098 (you'll recognize these as the forms lenders are required to send to borrowers who pay more than $600 in mortgage interest in a tax year). Modification of Mortgage Reporting Requirements. Here are the highlights (in the order they appear): Tucked into the new law are a number of significant revenue provisions.
With highway transportation expenses as the focus of the bill, it, of course, made sense that Congress would take advantage of the opportunity to change many tax return due dates, tax extension lengths and statutes of limitations.
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