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@dmpmama1 wrote:
How do I divide the interest for the entire year between my Dads final tax return and the estate tax return?
For the 2019 tax year, you can divide the total annual interest paid (and reported on the 1099) by 365 to get the daily rate and then multiply that daily rate by the number of days your Dad was alive in 2019. The balance left over, of course, would be attributable to the estate.
@dmpmama1 wrote:
How do I divide the interest for the entire year between my Dads final tax return and the estate tax return?
For the 2019 tax year, you can divide the total annual interest paid (and reported on the 1099) by 365 to get the daily rate and then multiply that daily rate by the number of days your Dad was alive in 2019. The balance left over, of course, would be attributable to the estate.
IRS Pub 559 --
"If the decedent accounted for income under the cash method, only those items actually or constructively received before death are included on the final return.
Income in Respect of a Decedent
All income the decedent would have received had death not occurred that was not properly includible on the final return, discussed earlier, is income in respect of a decedent.
How To Report
Income in respect of a decedent must be included in the income of one of the following.
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