Death of a Taxpayer
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Navigate the complex tax responsibilities that arise upon a taxpayer’s death with this essential guide. It covers the duties of a personal representative, including filing necessary tax returns and managing estate assets. Learn about the specific forms required, such as Forms 1040, 1041, and 706, and the implications of failing to meet these obligations. This guide is crucial for personal representatives, executors, and family members dealing with a decedent’s financial affairs.
Highlights:
• Personal Representative Duties: Responsibilities include collecting the decedent’s property, paying creditors, and distributing assets.
• Tax Filings: Overview of required tax returns, including final income tax returns and estate tax filings.
• Fiduciary Notifications: Importance of notifying the IRS of fiduciary relationships and obtaining an EIN for the estate.
• Income Reporting: Guidelines for reporting income received before and after death, and the impact on beneficiaries.
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