Form 5495

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What Is Form 5495

Form 5495 is an official document issued by the Internal Revenue Service (IRS) primarily used for requesting a discharge of the estate tax lien. When an estate comprises a decedent's property, the IRS may place a tax lien to secure the estate's tax obligations. This form is crucial for executors or administrators who must clear the property title before distribution to heirs or sale.

When to Use IRS Form 5495

The situations that necessitate the utilization of IRS form 5495 are quite specific:

  • When an estate has met its tax obligations and seeks to release a federal tax lien, the executor will find this form applicable.
  • If the estate includes real estate that needs to be sold, using this form to remove the tax lien is a prerequisite for a clear title.
  • Before property distribution to beneficiaries, it's essential to ensure no encumbrances like tax liens are present.
  • When the deceased's property is being refinanced, a discharge of the lien is required.

How To Fill Out IRS Form 5495 Instruction

Step 1: Gather Required Information Before you begin filling out Form 5495, make sure you have the following information handy:

  • The decedent's name and Social Security number.
  • Date of death.
  • Your name and title (requester).
  • Your address, including the number, street, room or suite number, city, town or post office, state, and ZIP code.
  • Daytime phone number.
  • What is the kind of tax (income, gift, estate)
  • The tax form numbers, tax periods ended, SSN/EIN on returns, names and addresses shown on returns, and where and when these returns were filed.
  • If applicable, the decedent's spouse's name and Social Security number.
  • Copies of the tax returns, copies of letters of administration or letters of testamentary, and any other pertinent information described in the 'Other' section.

Step 2: Complete the Form Once you have gathered all the required information, you can start filling out the form:

  • Enter the decedent’s name, Social Security number, and date of death at the top of the form.
  • Next, provide your name and title as the requester, contact information, and daytime phone number.
  • Indicate the kind of tax for which you request a discharge by checking the appropriate box: 'Income', 'Gift', or 'Estate'.
  • In the section labeled 'Tax Returns for Which Discharge From Personal Liability is Requested,' fill in the details for each relevant tax period.
  • Include their information in the provided section if there is an applicable spouse.
  • In the checkbox section, indicate which documents you have attached to the form to support your request.

Step 3: Sign the Form After filling out all necessary sections of Form 5495:

  • Carefully read the perjury statement at the bottom of the form.
  • Sign and date the form in the 'Sign Here' section, ensuring you understand the perjury penalties. If you cannot certify the statement about penalties for civil fraud, attach a detailed statement explaining the circumstances.
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