What if I disagree with the examination proposals?
You have many rights and avenues of appeal if you disagree with any proposals made by the IRS. See Publications 1 and 5 (PDF) for an explanation of these options. What happens if I sell property that I have inherited? The sale of such property is usually considered the sale of a capital asset and may be subject to capital gains (or loss) treatment. However, IRC ยง1014 provides that the basis of property acquired from a decedent is its fair market value at the date of death, so there is usually little or no gain to account for if the sale occurs soon after the date of death. (Remember, the rules are different for determining the basis of property received as a lifetime gift). [Link to Gift Tax FAQ] INTERNATIONAL: In a Form 706NA, how do I claim a pro-rata unified credit pursuant to a treaty? Complete the entries for Lines 1 through 3 in Schedule B on the second page of the return. Attach a statement to the return that refers to the particular treaty applicable to the estate, and write th
