Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Another tricky question that isn't answered by any of the IRS publications I have reviewed: accountant can't seem to commit.

Fact: DH died 11/19/04. On that day several stock transactions (buy, sell and dividend) occurred in his accounts that were part of our living trust. (Some done by him, others on an automatic system.) On that date as well his bypass trust was created.

Question: are the transactions included in our final joint return or in his trust return? Does the actual time of death on that day have any significance?


I can understand why you might not have found the answer, but your accountant should know it...or how to find out. Without doing any research to see if there are any relevant regs or case law on the matter, the definition of the decedent's final tax year in IRS Pub. 559, Survivors, Executors, and Administrators, www.irs.gov/pub/irs-pdf/p559.pdf would seem to indicate that all transactions on the date of death belong on the final return of the decedent and not on that of the bypass trust.

Ira
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.