Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-19-2017, 12:26 PM
Junior Member
 
Join Date: Jun 2017
Posts: 1
Estate Income Tax - Current income, past deductions

Hi folks. While I've done OK for the most part in managing my mother's small estate, I made one mistake. For reasons I won't go into (except to say that there did not seem to be any other real alternative), a small IRA was liquidated, the proceeds deposited into a bank account in the name of the estate. It's a standard IRA, so a combination of pre-tax deposits and interest--so, all taxable. This was done in 2016, and it stayed there through the end of the tax year. I didn't recognize the problem until too late. I filed an extension and now need to settle it.

Because all other potentially taxable assets were promptly passed along to beneficiaries, this is the only income the estate has had or will have.

The estate has incurred deductible expenses--legal fees mostly, but also some maintenance on inherited real estate--but these were mostly in the 2015 tax year. I also paid for the funeral out of estate funds. But because the estate had no taxable income that year, I did not file an estate income tax return.

I'll ask a general question and a specific one:

1. What's the best way to handle this to minimize my tax liability? Is there anything I can do at this point?

2. Is there a way to claim deductible expenses incurred in previous years?

Thanks,
Jim



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I File w/ No Current Income But Anticipated Income? Lena87 Income 1 04-17-2016 05:21 AM
Can I File With No Current Income But Anticipated Income? Lena87 For 2016 0 04-16-2016 05:28 PM
Past due mortgage interest deductions FLBill1 Itemized Deductions 1 01-03-2015 10:16 PM
Is the Current tax code flawed? My client received an Earned income tax credit of $5,031? Is this outrageous or not? BayArea_CPA CPA Forums 1 06-16-2011 07:23 PM
Filing to receive overpayment of past income tax after 501c3 approval pt95 Filing Requirements 0 11-20-2009 03:20 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.