Ernst & Young Tax Guide 2018, 33rd Edition

Chapter 44 Decedents: Dealing with the death of a family member

ey.com/EYTaxGuide

• Personal Representative
  • Duties
• Final Return for the Decedent
  • Filing To Get a Refund
  • When and Where To File
  • How To Report Certain Income
  • Exemptions, Deductions, and Credits
• Tax Effect on Others
  • Income in Respect of a Decedent
  • Deductions in Respect of a Decedent
  • Estate Tax Deduction

Note

ey.com/EYTaxGuide

Ernst & Young LLP will update the EY Tax Guide 2018 website with relevant taxpayer information as it becomes available. You can also sign up for email alerts to let you know when changes have been made.

Introduction

The death of an individual can cause special tax problems, many of which are likely to be unfamiliar and puzzling to his or her survivors. Among other things, the deceased’s will, along with state inheritance laws, can create a bewildering array of questions about how income is to be allocated and which deductions may be claimed and by whom.

This chapter helps you sort out such questions. It is most helpful to a survivor who has to deal with a relatively uncomplicated situation and a small estate. When the assets are large and the situation is complex, professional assistance is recommended.

Reminders

Consistent treatment of estate items. In 2015, Congress enacted legislation requiring estates filing estate tax returns after July 31, 2015, to provide a statement to beneficiaries and the IRS identifying the value of property reported on the return. The ...