Form 1040 filed by beneficiary on behalf of deceased family who gifted
My sibling gifted me a sum of money (About 500k) last year in 2022. In 2021 they had a will made with me as executor and beneficiary. Sibling is divorced as of several years ago. Unfortunately sibling passed away in early 2023. This year, I submitted a gift form 1040 on their behalf. Now I have received a letter (actually in their name) from IRS Dept of Treasury saying in response to inquiry (Form 1040) IRS is working on the account. An additional 60 days are needed to send a complete response on what action IRS is going to take on the account.
This Question Has Not Yet Been Answered.
