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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The executor cannot convey good title or avoid liability unless a discharge or release is obtained [see IRC sections 6905, 6325(b), and 6325(c)], A request to discharge property is made using Form 4422, while fiduciary discharge from estate, gift, and income taxes is made under IRC section 2204 (estate taxes) or section 6905 (income and gift taxes) and by filing Form 5495. The 1RS must respond within nine months.
* Request discharge under IRC sections 2204 and 6905 (Form 5495).
This application is made on Form 5495. If no estate tax return is filed, Form 5495 should be filed where the decedent's final individual income tax return is required to be filed.
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.
The request for prompt assessment may be made using Form 4810, but may also be made in a separate letter filed with the IRS Service Center where the relevant tax returns were filed (not where the estate tax return would be filed, as is the case with Form 5495).
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.