Estate and Trust
Estate and Trust
Let Ludwig & Associates, Ltd. help you navigate the complexities of the tax code regarding estate and trust.
Income
- Income of Deceased^
- (Reported under the Social Security Number or EIN Number)
- Interest and Dividends (1099-INT & 1099-DIV)
- Savings Bonds (Interest to date of death, Interest after date of death if cashed)
- Stock Sales/Mutual Fund Sales (1099-B)
- Business Income
- Rental Income
- Annuities (1099-R)
- IRA Distributions (1099-R)
- Tax Free/Municipal Bond Interest (Reportable, no Federal Tax will be on year-end statement)
- ^Income needs to be divided into Pre-death and post-death income if first year of trust or estate.
Sale of House
- Closing Statement-Sale of House
- Other expenses of sale
- Date of Death Value of House (alternative valuation date if elected)
- Listing of expenses to maintain house after date of death
- Listing of capital improvements to house after date of death
- Stock Sale
- Mutual Fund Sale
- Redemption of
- Tax Free Bonds
Treasury Notes/Bills
- Date of Death Value (alternative valuation date if elected)
- History after death-stock splits, dividend reinvestments, etc.
- Sale settlement sheet
- Year-end settlement (1099-B)
Deductions
- Attorney fees
- Accounting fees
- Executor fees
- Taxes paid
- Real estate taxes (if home in trust or Estate)
- Prior year trust or estate income taxes
- Trust or estate estimated tax paid, if any.
- Charitable contributions from estate or trust
- Home expenses (if home in estate or trust)
- Utilities
- Repairs
- Home maintenance (e.g. lawn care)
- Asset fees-brokerage account fees
- Other expenses that may be deductible