![]() That can create some hassles since the payer-a mutual fund, bank or broker, for example-will report income to the IRS on a 1099 form. Earnings after that date are taxable to the beneficiary of the account, or to the estate. Only interest earned up to that date would be reported on the final tax return. ![]() ![]() Say a taxpayer who has a substantial amount in money-market mutual funds dies on June 30th. It does not include earnings on savings or investments that accrue after death. Income in respect of a decedent refers to income that the decedent had a right to receive at the time of death, but that is not reported on his or her final return.
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