Business & farm


@ron6612 wrote:

The death just happened so it will be the first filing if estate 1041. The only income is a death benefit. The expenses should all be known and accounted for this year. I want sure if was going to state final return on the check box. 


I believe you need to provide more details in order to receive some sort of sensible and accurate answer.

 

What is the source of the death benefit and was it payable to the estate itself? If the source were from a life insurance policy, for example, those proceeds are typically not taxable.

 

Also, is the death benefit (whatever the source) the only income and there are no other assets whatsoever? Did the estate actually receive the benefit or were beneficiaries named other than in the will or trust?

 

For that matter, was there a will or trust (or both)? To which document are you referring?