2010 Individuals, estate or trusts, who inherited property and sold it during 2010 have to file their returns by October 15, 2011.
However, the basis allocation form is not due until January 17, 2012.
Therefore, a taxpayer may not know the actual basis of the inherited property by the time they file their income tax return.
The IRS is providing penalty relief to many individuals, estates or trust that have already filed their 2010 income tax returns.