Tax Reporting in Probate and Estate Administration

The tax obligations during probate and estate administration present unique and complex issues that require an in-depth understanding of the reporting requirements and various tax forms, schedules, and deadlines. Estate planners and tax counsel must tackle challenges stemming from federal and state tax reporting requirements to ensure the proper administration of an estate.

In the administration of estates and trusts under federal tax law, a fiduciary's primary objective is to fulfill the tax reporting obligations and avoid any income tax traps and IRS scrutiny of tax filings. Estate planners and tax counsel must acquire the necessary expertise to handle specific income tax reporting and administrative issues regarding partnership interests, distributable net income, Section 645 elections, and other essential items impacting income taxation of an estate.

Listen as our panel discusses income tax rules, reporting, and tax traps faced by administrators, and provides an in-depth analysis of required tax forms and avoiding unexpected income tax liability.