Tax Implications When Someone Passes Away

FINAL INDIVIDUAL INCOME TAX RETURN (1040)
After a person passes, there is one final 1040 that needs to be filed for the last year of their life. This can be filed separately or jointly with their spouse (this would depend on the benefits to the estate) and is due at the normal filing deadline (ie. April 15th). You include all income that would have been actually or constructively received prior to death on their individual tax return as well all deductions through the date of death, based on the method of accounting used by the decedent while alive: (read more)

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