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Estate Tax Preparation

Cappelle Accounting Estate Tax Preparation Services

man signing document on desk, finalizing estate paperwork for their loved one who has passed

Typically, people find themselves in a position of being an executor of an estate during an already stressful moment in their life. Because of this, people are often ill-prepared to take on the responsibilities of this role.

Trying to manage this is a lot for anyone. Add to it the fact that you will need to decide what tax filings are necessary as well as how it all will affect any heirs, and the task goes from daunting to overwhelming quickly.

We are here, not only to prepare the estate’s tax filing but to walk you through the tax process. We want to help you understand how the tax law applies to your situation, and to give you peace of mind as you handle the affairs of your loved one.

What is Involved in Estate Tax Preparation?

Some estates are required to file a tax return that lists all the assets of the estates. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities, and the like, which is called Form 706 - Estate Tax Return.

Some estates may also need to file a tax return that reports the income earned from the date of death to the date of distribution to the heirs, which is called Form 1041 -Income Tax Return for Estates and Trusts.

All estates must also prepare the final individual income tax return. This return reports the income earned from January 1st until the date of death.

It can be challenging to know precisely how to handle certain types of income on the final 1040. We can help evaluate your unique situation to determine which filings are needed and prepare the returns.

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