How To Prepare Your Last Income Tax Return

In Texas, there are different types of Final Estate Tax returns that must be filed. These returns can cover gifts received and be handled by a trustee, or by a personal representative such as a spouse or children. You will also have to file a separate final estate tax return if your surviving spouse is no longer living with you. This means that the two of you must divide the assets among yourselves in accordance with the terms of your Will. It is always a good idea to seek professional legal help with final estates, whether you do it yourself or not.

In order to prepare your own final estate tax return, there are several items you will need to take into account. The first thing to consider is the source of your income. Your decedent’s source of income will be one factor that can be used to determine the value of any property you leave behind. An administrator can list the source of income for you as part of your final tax return. If you are the executor or administrator, you will simply have to file one of the forms listed in the Texas standard final estate tax returns.

Another thing that you will need to include on your final estate tax return is your method of accounting for estate taxes. You will want to determine if you are using the standard report card method of accountancy or the more commonly known as the simplified process tax system. If you were to use the second option, the resulting return that you file will be filed on the beneficiaries of the estate rather than on you. A beneficiary can be anyone who legally benefits from your decedent’s estate, including any children or parents. One important point to remember when deciding on this part of your return is whether or not you elect to have the federal estate tax credit applied to any property you own. If you do, then you will not be eligible to have the credit applied to any of your owned property.

The last two paragraphs (paragraph (a) and (b) are mandatory and must be completed for your final estate tax return. Paragraph (a) is a list of items that are required to be reported on the final estate tax return and can include information about the decedent’s debts, secured creditors, unsecured creditors and nieces and nephews. Items listed in paragraph (b) must include information about the decedent’s household expenses, capital gains and losses, residential mortgage expenses and charitable gifts. The executor must also include information regarding any government refunds and lottery winnings. This paragraph should be completed for each individual distribution.

A proper preparation of the estate tax return includes completing the appropriate tax returns and documentation with all applicable tax credits. As stated before, it can be a hassle to make sure you have properly prepared the form so it can be properly filed with the IRS. You don’t want to be the one left standing when everyone else has been filing their returns for you. There are a few resources available to help you with preparing your timely filing and tax returns. They include:

One thing to remember when you’re preparing your estate tax return is to keep it up to date. Always verify dates and get any documentation double checked. Have your attorney double check your forms and reports before you submit them. Your attorney can provide you with expert advice regarding any tax issues you may encounter. When you’re properly prepared, your attorney can advise you regarding whether you need a refund, what tax credits you’re missing and how to file your return correctly.

Consultation Banner
Our Brand Logo

Contact Us

Paul E Groff Law
3649 Atlantic Ave Suite D
Long Beach, CA, 90807
Call Us: 562-426-8499
Recent Posts