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What We Need To Complete the deceased person's Tax Return

FOR THE DECEASED PERSON'S INDIVIDUAL TAX RETURN:

The deceased person's birth and drivers license.
The deceased person's tax return for the prior year.
The deceased person's death certificate.
The deceased person's will or trust document.
If a probate estate is open, the the personal representative's letters of authority.
If a trust exist and is being administered, the Acceptance of Trust by the Trustee.
The personal representative or trustee's date of birth, address and phone number, and social security number.
If there is a house, the property tax statements for the year.

Post Death TAx Returns

Tax Facts:

Individual Tax Return Post Death:

People who die still have an obligation to file a final individual tax return in the year of death, if they had income over the taxable limit, This tax return is filed by the spouse or the personal representative of the deceased person's estate or by the Trustee of the Trust. If an estate is not opened through the probate court, a family member or other person may file the final tax return for the deceased person.

Filing the tax return post death alerts the Government that the person's social security is deceased as well. This protects that social security number from being involved in tax fraud.

Estate/Trust Tax Returns:

If an estate is opened through the probate court, the estate has to file an estate tax return. This tax return does not mean that income or estate taxes are owed to the IRS, it just means that the final business of life has to be reported to the IRS.

If the deceased person had a trust, the trust must file a tax return in the year of death and every year that the trust is in existence. This tax filing obligation can continue for years.

Make an appointment with Karen M. Ross to talk through how to and the rules regarding filing the necessary tax returns for a deceased person's probate estate or trust. There will be a $100.00 consultation fee for this meeting, but it will be the best $100.00 you spend.

For questions about probate, trust administration, personal representative, or trustee, call Karen M. Ross' sister law firm, Ross Legal Group P.C. and speak with attorney, Michelle J. Doherty. Ms. Doherty will clearly and concisely answer all your questions.

Why does the estate or trust have to file tax returns?

1. The probate estate tax return is filed when an EIN is obtained, and when the probate estate has income over $600.00 in any year the probate estate is open.

2. The trust tax return is filed when an EIN is obtained, for each year after death, including the year of death, that the trust is being administered.

3. Either the estate or trust has to file a tax return when the real property, house, is sold or transferred post death.

The cost of either of these tax returns starts at $750.00.