Question

I am executrix of my stepdad's estate. How do I determine whether or not I have to file estate taxes?

Forum|Forum|7 years ago
June 3, 2019
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Employee

First determine if you need to file an estate income tax return (Form 1041) or an estate tax return (Form 706).

An estate income tax return (Form 1041) is filed whenever;

1.) An estate has gross income for the year of $600 or more, or

2.) A beneficiary who is a nonresident alien.

3.) Any taxable income for the year

And estate tax return is filed for estates worth over $5.450 million. Most estates do not have to file an estate tax return (Form 706).

See link below for the differences between the two tax returns.

https://ttlc.intuit.com/questions/4073237-which-turbotax-do-i-need-to-file-a-return-for-an-estate

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D

ddhawksAuthor

Thank you, Paula. I definitely don't need to file Form 706. His home sold for $10,300 more than what he owed on his mortgage, so would that be considered income? Do I need to claim the $10K on my taxes?

I am executrix of my stepdad's estate. How do I determine whether or not I have to file estate taxes?

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