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- Title
Basic Tax Reporting for Decedents and Estates.
- Authors
Lin, Wilda
- Abstract
If gift tax returns have not been filed, the fiduciary will need to scour the decedent's financial records, for a minimum of six taxable years preceding death, to determine whether the decedent made any gifts in excess of the annual exclusion, and consequently whether any delinquent gift tax returns should be filed. Many states' estate tax returns require the preparation and attachment of a federal estate tax return, even if that return need not be filed with the IRS.) Even if the fiduciary is not required to file a federal estate tax return, she may opt to do so. If the decedent filed gift tax returns but the fiduciary cannot access any copies of them, she can request copies from the IRS by using IRS Form 4506; the IRS, however, typically maintains copies for only six years.
- Subjects
DECEDENTS' estates; TAX preparation; TAX returns; GIFT taxes; TAXATION; INHERITANCE &; transfer tax
- Publication
CPA Journal, 2021, Vol 91, Issue 6/7, p72
- ISSN
0732-8435
- Publication type
Article