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June 6, 2019
Question

What is considered "earned" money in an estate?

  • June 6, 2019
  • 1 reply
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I understand that you do not need to file a return for an estate unless it earned $600 or more.  What is considered "earned" money in an estate bank account setup with an EIN?  Is closing out a deceased persons account and having that money move through an estate bank account first count as "earned"?

1 reply

Employee
June 6, 2019

" What is considered "earned" money in an estate bank account setup with an EIN?"

The term "earned" would include only income generated by estate assets, such as interest, dividends, capital gain, rent received from rental property, etc. 

Income would not include estate assets that are merely "moved" from one account to another.