My mom passed away this summer and left me as the beneficiary of POD bank accounts as well as POD Mutual Fund. According to Mutual Fund companies, they only report long term Capital Gains, short term Capital Gains, Dividends, etc. for the entire year only once in December, (DEC 16) And, they only generate one 1099 DIV form to the SS# of the person registered to the Mutual Fund on DEC 16.
1) Assuming that long / short term Capital gains and dividends are significant amount, (greater than $600) How do I prorate the entire amount for the year, i.e. part if that was prior to death would go on mom's 1040 tax return and the part paid after death on the beneficiaries 1040 tax return ?
2) In previous posts related to this discussion, Nominee elections was mentioned (and explaining with nominee elections)
3) What is Nominee elections ? which tax form can you use to specify Nominee elections ?
