Solved: When to file estate taxes?
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When to file estate taxes?

How do I determine if an taxes need to be filed for an estate? There was no "income" other than refunds from cancelled accounts during the tax year.
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When to file estate taxes?

Refunds from closed accounts are not considered to be taxable income unless they are for amounts that were previously deducted.

If the estate has $600 or less in taxable income, there is no requirement to file a return.

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New Member

When to file estate taxes?

Refunds from closed accounts are not considered to be taxable income unless they are for amounts that were previously deducted.

If the estate has $600 or less in taxable income, there is no requirement to file a return.

View solution in original post

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When to file estate taxes?

What would be examples of taxable income on an estate?  Sale of personal property included?
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When to file estate taxes?

When a person passes away, their assets are revalued so that the basis in them is the fair market value as of their date of death.  If you sell the assets within a relatively short time frame (i.e., less than one year), then you can consided the basis to be equal to the selling price.  Unless you received a 1099 or other tax form reporting income from the sale, you should not need to include it as estate income.
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