Share ThisThe Essentials of Taxes for Estates and Trusts
As the estate or trust administrator, you may have to pay multiple taxes. These include federal estate taxes, state inheritance or estate taxes, federal and state income taxes, state intangible taxes, real estate taxes, excise taxes, local income taxes, the decedent’s personal income taxes, gift taxes, and generation-skipping transfer taxes.
What Is the Federal Estate Tax?
The federal estate tax applies to large estates. The year of the decedent’s death determines the qualifying value of the estate. If you are administering an estates that qualifies, you must complete Form [more…]
What Is State Inheritance or Estate Tax?
The rules for state inheritance and estate taxes vary based on the state. Check with the tax department of the decedent’s state for that state’s inheritance and estate tax requirements. [more…]
What Are Estate and Trust Income Taxes?
If an estate or trust earns income, that income may be subject to income taxes. Follow the federal government criteria for determining whether your estate, simple trust, or complex trust earned enough [more…]
What Are Estate and Trust State Intangible and Real Estate Taxes?
Instead of income taxes, some states have intangible taxes on assets such as stocks and bonds. If you are administering an estate or trust, check to see whether your decedent’s state has intangibles taxes [more…]
What Are Excise and Local Income Taxes for Estates and Trusts?
If the estate or trust that you are administering owns vehicles of transportation, such as planes, boats, and automobiles, you may have to pay a yearly [more…]
What Are the Decedent’s Final State and Federal Income Taxes?
As the administrator of an estate, you must file the decedent’s final Form 1040, U.S. Individual Income Tax Return. Surviving spouses may file a final joint return for the year of the decedent’s death. [more…]
What Are Estate and Trust Gift and Generation-Skipping Taxes?
As the administrator or an estate or trust, be aware of the gift tax and the generation-skipping transfer tax. Large transfers made during lifetime, may be subject to the gift tax. To pay the gift tax, [more…]
