I.R.S - what warrants an estate to go into probate? what value is attached for such ?Time frame for filing?
by admin ~ March 13th, 2010 . Filed under: United States .
daisydo asked:
Small Estate. Sister deceased , siblings are the beneficiaries. Older sibling appointed as excecutor , the value of estate is less than $ 130.000.00.. there are no outstanding debts due all have been paid …we assume once a person dies is there 8 months to files form 706 for tax purposes.. We are not selling the house at this time should the value of the house be included in the calculation at the time of reporting? which would make the estate at time of death correct .less than $140 thousand.
Brooks Finan
Small Estate. Sister deceased , siblings are the beneficiaries. Older sibling appointed as excecutor , the value of estate is less than $ 130.000.00.. there are no outstanding debts due all have been paid …we assume once a person dies is there 8 months to files form 706 for tax purposes.. We are not selling the house at this time should the value of the house be included in the calculation at the time of reporting? which would make the estate at time of death correct .less than $140 thousand.
Brooks Finan
March 13th, 2010 at 8:59 pm
For estate income tax purposes when you sell it final 1040 is your stepped up cost basis for estate income after death.
The house should still be appraised as of death only for income after death probate court unless estate income tax purposes when you sell it final 1040.