Did the Decedent Own Capital Assets? |
|
If the decedent owned capital assets, the fair market value (FMV) of those assets at the time of death must be determined for estate and probate purposes and for determining the basis of the assets in the hands of the beneficiary.
Is a Fiduciary Return Required? |
|
Generally, income attributable to a decedent up to the time of death is included in the decedent's final individual tax return. Upon death, income that would have been attributable to the decedent is now income to the decedent's estate and reported on the estate's income tax return.
Final Return of the Decedent |
|
Generally, the same filing requirements apply to a deceased taxpayer as would otherwise be used if the taxpayer were still living, based on income level, age, and filing status. CAUTION: A fiduciary return may also be required.
Returns That Need To Be Filed |
|
The following are the basic returns that may need to be filed following a taxpayer's death, dependent on the filing requirements of each.
Read More
Printer-Friendly
Send to Friend