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Estate Income Tax

Income which comes in after the date of death should not be reported on the decedent’s personal income tax return. Interest, dividends, or other income paid to the estate, must be reported on the estate income tax return. A separate tax identification number is obtained for the estate. This separate tax return lists the taxable income such as dividends, interest, capital gains, and rents, and allows for de-ductions such as legal and executor’s fees. If the estate has been distributed and closed during the tax year, each beneficiary must list his or her proportionate share of the taxable income on his or her personal tax return. If the estate is open, the taxes are paid from the estate.

Inside Estate Income Tax