ID Form 5495 2017-2024

ID Form 5495: What You Should Know

File where the tax return is filed if the decedent was an individual. Form 5495 must be filed in a tax year following the tax year during which the decedent  is most likely to receive the final installment of a taxable estate. See IRM 4.1.3., Taxable Estate. IRM 40.1.2.5, “Deprecation of Personal and Real Property,” provides how the decedent can dispose of real property. This section provides how to depreciate and sell real property by  depreciating the use of the real property. See IRM 3.13.17.24.3, “Depreciating Real Property for Real Property Loss Transfer Tax Liability.” This section provides an example about how to transfer personal property into a trust.  See IRM 3.17.2.15.4.11, “Queuing and Transferring Property from a Beneficial Owner,” which gives an example of how to transfer personal property to a beneficiary. See IRM 5.27.3.1.3, “Average, Transfer and Depreciation of Real Property Withholding and Depreciation for Trust Expenses and Property Tax” for instructions of how to deduct the cost of real property by transfer of the property from the taxpayer's trust. IRM 3.17.3.15.3.1(4)(a) defines a trust and provides instructions on how to use a decedent's trust property. See IRM 3.17.4.16.6, “Depreciating Real Property for Real Property Loss Transfer Tax Liability,” for instructions on how to calculate the transfer tax. See IRM 3.17.6.5.17, “Depreciation for Trust Expenses, Estate Tax, and Related Items,” for instructions about how to calculate the transfer tax. IRM 3.7.14.1.5, “Transfer Taxes and Trust Expenses” provides information about transferring assets into a trust. See IRM 3.7.15.2.2.2, “Transfer Taxes and Trust Expenses (Prorated)” for instructions on reporting transfer taxes and expenses from the trust to the trust. See IRM 12.26.6.1.14., “Trust Accounts,” for information on how to open a trust. See IRM 23.3.7.1.

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