Tax Law (Questions About Taxes)/Deceased taxpayer

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Question
My single mother died in February. I am the executor of her estate, which has a value of less than $100K. Her retirement income was approx $2000 per month. I plan on selling her house. At federal tax time,whose tax returns need to be filed? Is one necessary for the estate because of the house sale or does the house sale get included elsewhere? Is a separate return needed for her individually, due to her 2 months of retirement income? Thanks for your time.

Answer
I am sorry for your loss.

Yes, a 2015 1040 is due for mom

Are you the sole heir? How quickly will,you probate her assets and make final distributions?

You probably can get it done and filed without need for an estate income tax return.   Care needed to report any income earned from Feb until final distrubutions...  and also for any expenses.

Is retirement income IRA or work 401k or pension? Does someone inherit that money?

You can transfer the house to the beneficiary(ies) and then sell it if you want to expedite the process.

What state are you located?

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

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19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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