Business Tax Forms Irs
April 20th, 2007
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Question: What expenses can be used on a Estate Income Tax Form 1041?
The IRS says “Any expense the estate has incurred only because of its estate status”. In the real world, the estate contains real estate, which has utility bills, insurance, taxes, etc. The IRS talks about stamps! The real estate is not a business, it’s my parents house.
Second, of course, the estate has medical bills and some payments from insurance companies. Do these cancel each other? The IRS says the medical bills go to the decedents Form 1040 and the payment from insurance companies go on the 1041. That means if the insurance company pays the medical provider directly, there are no taxes. But, if the insurance company pays the estate and the estate pays the provider, there could be a ton of taxes. What do they really mean? Thanks for any insight. PersRep
Answer: You really may benefit from the services of a tax professional. See if there is an Enrolled Agent or CPA near you who specializes in estate tax work (including 1041).
2010 tax numbers from the IRS
The tax law requires that certain tax numbers be adjusted for inflation each year. Because inflation was minimal in 2009,...
IRS Tax Forms for 2010
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