Filing the final tax return for a decedent can take a tax professional in many directions. This webinar covered the following information: how to protect the deceased client from ID theft; getting information from the IRS; what information does IRS need to work with a Power of Attorney; gift tax return issues; filing Form 1310; income and expenses on the final return; the election of §454 and can it benefit your client; constructive receipt of income; and capital loss issues.
Kristy also reviewed: issues of basis at time of death and those associated with an estate tax return, Form 706.
CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.