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1 Μαΐ 2024 · A Sec. 645 election can streamline tax reporting and offer other tax advantages when a client with a living revocable trust dies. Read about the requirements for making a Sec. 645 election, the tax benefits of making the election, and how and when to make the election.
22 Μαρ 2019 · Form 8855 is used to make a section 645 election, which election allows a qualified revocable trust to be treated and taxed (for income tax purposes) as part of its related estate during the election period.
Make Section 645 election for Form 8855. Form 8855 must be processed by the IRS to take full effect. The IRS prefers to have the election filed before Form 1041's filed. This ensures proper processing and minimizes the possibility of generating an erroneous IRS notice. To make the election: Select the option to make the election.
14 Αυγ 2023 · A Section 645 election allows the executor or personal representative of an estate and the trustee of a trust to elect to treat the estate and the trust as one for tax purposes. Generally, estates may elect a fiscal year-end or a calendar year-end, whereas trusts default to a calendar year-end.
18 Φεβ 2019 · The IRC § 645 election is irrevocable once made. The election must be made on IRS Form 8855 (Election to Treat a Qualified Revocable Trust as Part of an Estate) by the due date, including extensions, of the estate’s initial income tax return.
Section 645 is often used to combine a trust with an estate as a single entity for tax purposes. Here is how it works.
19 Αυγ 2003 · IRS Notice 2001-26 provides that estates and revocable trusts of decedents who die after December 31, 1999 and before the effective date of final Code §645 regulations, may use either the election and reporting requirements under Rev. Proc. 98-13 or those in Prop. Reg. 1.645 (1).
