Estate Matters

Does anyone have any ideas about settling an estate (out of state) in regards to taxes? For that matter, can anyone recommend an accountant?
The estate is not substantial and is uncontested between two siblings

I don’t even play an attorney on TV but I am an accountant. The current estate exemption in now $11.7 million so since you said it is not substantial, I would think you need to file an estate return. The will should determine who is the administrator and how the assets would be divided.


Thanks so much. But an accountant is advised, correct?

You can never get enough information so don’t lean on my thought. I do believe that what I said is correct and that is how I would handle thing if I were in your position.

Thanks so much really appreciate it

AbsoluteUte, you are less likely to go wrong hiring a professional to help in this situation. Just for clarity, an estate tax return (706) and an estate income tax return (1041) are different. It doesn’t sound like you need the former, but may need the later if there is income earned after the death of the decedent. Most tax professional in your home state should be able to file a 1041 and state return (if applicable). But if it makes you more comfortable or you have other estate questions then reach out to an attorney or tax professional in the state of residence for the deceased. Sorry for your loss.

Give Hal Kunz a call. I don’t know that there’s anything in the tax code he hasn’t dealt with at least once in his practice. (801) 268-3100

Thank you everyone! I appreciate it so much.
I have always been totally straightforward with taxes: never really tried to optimize returns at the expense of audit etc… however this is one of those rare and unusual/emotional singular events.

one final thought that I should have already mentioned. If the decedent had income in the year that he/she passed. Someone will have to file a final tax return (Form 1040) in behalf of the dedendent

That’s very helpful I appreciate it.
I guess the only income would have been from social security and a reverse mortgage. Does that apply?

The reverse mortgage is not considered income it is considered return of principle

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Also the social security will most likely be untaxable due to lack of other income but you will need to have the fiinal return file to finalize things

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Well this just been an abundance of support and data. I can’t think you enough.