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Form 8971 Basis Reporting Requirements for Estates: Schedule A and Beneficiary Consistency Mandates

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, May 18, 2022

Recorded event now available

or call 1-800-926-7926

This course will provide tax advisers to trusts and estates with a practical guide to the estate basis consistency reporting requirements of Section 1014(f). The panel will explain the latest IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on new Form 8971. The panel will also outline useful tips for assisting fiduciary clients in completing Form 8971.


The estate basis consistency rules continue to present significant challenges to estate executors and advisers to fiduciaries. The enactment of IRC Section 1014(f) requires consistency between an asset's reported estate tax value and the basis of the asset when acquired by the estate beneficiary.

Section IRC 6035 requires estate executors to identify the value of property reported on the estate tax return to both the IRS and the estate beneficiaries on Form 8971. Subsequently, the Treasury issued proposed regulations; however, the proposed guidance leaves some open questions, with confusion among fiduciaries and advisers as to the administrative requirements of the Section 1014(f) reporting duties.

Advisers must understand which estates are required to file Form 8971, what assets are subject to reporting, how to prepare Schedule A, and the special provisions for income in respect of a decedent.

Listen as our expert panel provides you with a thorough guide to the basis consistency reporting requirements, giving you tools to assist your fiduciary clients to timely file Form 8971.



  1. Basis consistency reporting rules
  2. IRS using basis consistency reporting to cross-reference with beneficiaries' returns
  3. The intersection of IRC Sections 1014 and 6035
  4. Exemptions from reporting requirements
  5. Form 8971 reporting
  6. Subsequent transfers provision
  7. Impending legislation


The panel will review these and other relevant issues:

  • Which estates are required to file Form 8971?
  • What assets are subject to reporting?
  • Discussion on the penalty provision for failure to timely file the form
  • What are the penalties for failure to file the asset valuation disclosure and basis consistency reporting?
  • Schedule A preparation
  • Changes arising from the most recent instructions to Form 8971 and Schedule A
  • Limited use of attachments to Schedule A
  • What are the special provisions for income in respect of a decedent in completing Form 8971?


Miller, Kelley
Kelley C. Miller

Reed Smith

Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal...  |  Read More

Bridgers, Griffin
Griffin H. Bridgers

Hutchins & Associates

Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate...  |  Read More

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