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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 18.104.22.168, “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 22.214.171.124.3, “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 126.96.36.199.4.11, “Queuing and Transferring Property from a Beneficial Owner,” which gives an example of how to transfer personal property to a beneficiary. See IRM 188.8.131.52.3, “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 184.108.40.206.3.1(4)(a) defines a trust and provides instructions on how to use a decedent's trust property. See IRM 220.127.116.11.6, “Depreciating Real Property for Real Property Loss Transfer Tax Liability,” for instructions on how to calculate the transfer tax. See IRM 18.104.22.168.17, “Depreciation for Trust Expenses, Estate Tax, and Related Items,” for instructions about how to calculate the transfer tax. IRM 22.214.171.124.5, “Transfer Taxes and Trust Expenses” provides information about transferring assets into a trust. See IRM 126.96.36.199.2.2, “Transfer Taxes and Trust Expenses (Prorated)” for instructions on reporting transfer taxes and expenses from the trust to the trust. See IRM 188.8.131.52.14., “Trust Accounts,” for information on how to open a trust. See IRM 184.108.40.206.
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