Form 5495

Form 5495

A form that one files with IRS to request an exemption from the income tax, gift tax, and/or estate tax otherwise owed by a deceased person or his/her estate. The executor of the decedent's estate may file Form 5495.
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By filing Form 4810 simultaneously (but separately) with Form 5495 the PR benefits the estate and its beneficiaries in addition to providing the PR with the added protection of discharge from personal liability.
These measures include the filing of a Form 56 (at the commencement and termination of the PR's fiduciary relationship), a Form 4810 (Request for Prompt Assessment for Income and Gift Taxes), and a Form 5495 (Request for Discharge from Personal Liability for Decedent's Income and Gift Taxes); the use of I.
If Form 5495 is properly filed, the IRS has nine months in which to notify the PR of any deficiency for the decedent's applicable income or gift tax returns.
17) Pursuant to regulation, the request for prompt assessment, whether on Form 4810 or otherwise, is required to be sent to the IRS separately from any tax return or other forms, including Form 5495.