Did you know that after the death of a taxpayer there may still be forms that need to be filed with the IRS? After a taxpayer dies, a representative (either named in the taxpayer’s will or appointed by the court) will be put in charge of the decedent’s property. This representative is responsible for filing all of the necessary tax forms for the decedent and handling any taxes owed.
The following forms may need to be filed after a taxpayer’s death:
- Form 1040: This is the decedent’s final federal return.
- Form 1041: This is the decedent’s federal income estate tax return, which reports any income received from assets of the estate such as the sale of property.
- Form 706: This form will help determine the tax on the value of assets in the decedent’s estate. The IRS requires this form if the gross estate is greater than the taxpayer’s estate tax exemption.
For each of these forms, you may also need to file an equivalent state return. If you’re not sure whether you need to file all these forms, you should consult with a tax professional.
If you’ve recently experienced the death of a taxpayer in your family, you can turn to Price Advantage Accounting for help. Our tax resolution pros can help you get through this difficult time by determining what forms need to be filed and assisting you through the process. Contact us today for tax help!