Estate Form 1041 tax year-end
Date of death was 6/30/09, so normal max year-end is 5/31/2010, and return due by 9/15/2010. No income received by the estate until September 2009. Is there any rule to allow the election to use a tax year of 9/1/09 to 8/31/10?
No return has been filed yet... is there a legitimate argument that a return for the period 6/30/09 to 8/31/09 was not required since there was no income to the estate?
Reason to shift the tax year, if possible, is due to a sizeable refund of medical expenses in July that were deducted on decedent's 2009 (final) 1040, and some additional admin. expenses paid after May.
If I can't shift the tax year, and a 2nd year Form 1041 is required, the beneficiary will lose the benefit of excess deductions, and will pay tax on the medical expense refund.
I considered amending the final 1040, but don't think it is proper way to handle the refunded medical expenses since the refund came over a year after date of death.
Thank you for your suggestions.
By Mike Mac in forum Main Forum / Tax Discussion
Last Post: 01-22-2009, 07:15 AM
By TaxLadyinPA in forum Main Forum / Tax Discussion
Last Post: 03-10-2008, 11:04 AM
By Koss in forum Main Forum / Tax Discussion
Last Post: 03-02-2007, 08:17 PM
By Santorini in forum Main Forum / Tax Discussion
Last Post: 09-07-2006, 02:46 PM
By Mark Goldberg in forum Main Forum / Tax Discussion
Last Post: 07-18-2005, 12:50 PM
Disclaimer: This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.