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Executor Alternative Valuation - How to elect

  • 1.  Executor Alternative Valuation - How to elect

    Platinum Most Valuable Member
    Posted 14 days ago
    How do I do it
    a client died with very few assets. Primarily stocks worth about $150,000. The estate sold them about a year later as it was winding down. There is no 706 being filed. Can the executor still make use of the alternative valuation, for 6 months after the date of death that portfolio was worth substantially more.

    How can they use the higher cost basis when completing the 1041


    Any help appreciated.

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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
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  • 2.  RE: Executor Alternative Valuation - How to elect

    Bronze Most Valuable Member
    Posted 13 days ago
    Can only use the AVD if the value decreased not increased

    Vincent J. Preto, CPA
    Senior Partner
    Wagner and Zwerman LLP
    201 Old Country Road, Suite 202
    Melville, NY 11747
    631-777-1000 ext. 340

    Sent from my iPhone




  • 3.  RE: Executor Alternative Valuation - How to elect

    Posted 13 days ago
    You cannot elect if there is no change in the estate tax; only available to reduce tax in estate.  What value passes to bene will be the date of death value.

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    Robert Gaines CPA
    ROBERT N. GAINES, CPA
    Temple TX
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  • 4.  RE: Executor Alternative Valuation - How to elect

    Silver Most Valuable Member
    Posted 13 days ago

    The election is not permitted unless it resulted in a reduced estate tax.  The election is made on the pro forma 706 pg. 2 part3.  Was your estate subject to NYS estate tax?   The instructions permit late elections see pg. 4.   You should carefully consider whether  Capital Gains may result.

     

    Very truly yours,

     

    ROBERT S. BARNETT

     

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    516-931-8100

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    www.cbmslaw.com

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