As an executor or trustee of an estate, you may be required to file an IRS Transfer Certificate Form 5173. This form is used to transfer certain assets, such as stocks or bonds, from the estate of a deceased person to the beneficiaries or the estate's new owner. In this article, we will provide a step-by-step guide to help you understand and complete IRS Transfer Certificate Form 5173.

 

What is IRS Transfer Certificate Form 5173?

 

IRS Transfer Certificate Form 5173 is a form used to transfer ownership of assets from the estate of a deceased person to the beneficiaries or new owner. The form must be completed and submitted to the Internal Revenue Service (IRS) to obtain a tax clearance certificate for the transfer. This certificate is required by the Securities and Exchange Commission (SEC) to effectuate the transfer of securities.

 

Who Needs to File IRS Transfer Certificate Form 5173?

 

The executor or trustee of an estate is responsible for filing IRS Transfer Certificate Form 5173. In some cases, the new owner of the assets may also be required to complete the form.

 

What Assets Require a Transfer Certificate?

 

The following assets require a transfer certificate:

 

• Stocks and bonds
• Certificates of deposit
• Mutual funds
• Annuities
• Life insurance policies

 

How to Complete IRS Transfer Certificate Form 5173

 

Step 1: Gather Information

 

Before you start filling out the form, gather the following information:

 

• The name and social security number of the deceased person
• The name, address, and tax identification number of the estate
• The name, address, and tax identification number of the beneficiaries or new owner of the assets
• The name and ticker symbol of the securities to be transferred
• The date of death and the date the estate was opened

 

Step 2: Complete Part 1

 

In Part 1 of the form, you will provide information about the deceased person, the estate, and the securities to be transferred. This section requires the following information:

 

• The name and social security number of the deceased person
• The name, address, and tax identification number of the estate
• The name and ticker symbol of the securities to be transferred
• The date of death and the date the estate was opened

Step 3: Complete Part 2

 

In Part 2 of the form, you will provide information about the beneficiaries or new owner of the assets. This section requires the following information:

 

• The name, address, and tax identification number of the beneficiaries or new owner of the assets
• The percentage of the assets each beneficiary will receive
• A statement indicating whether the transfer is a gift or a sale

 

Step 4: Sign and Date the Form

 

The executor or trustee must sign and date the form in Part 3. If the transfer is being made to a new owner, they must also sign and date the form.

 

Step 5: Submit the Form to the IRS

 

Submit the completed form to the IRS. You may submit the form by mail or electronically. If you submit the form electronically, you will receive a tax clearance certificate from the IRS within two to three weeks.

 

Filing an IRS Transfer Certificate Form 5173 can be a complex process, but by following the steps outlined in this guide, you can ensure that the transfer of assets from the estate of a deceased person is completed smoothly and efficiently. If you have any questions about the form or the transfer process, it is recommended that you seek the assistance of a professional, such as an attorney or tax advisor.