Hi and welcome to our site!Everything the decedent owned or considered as owned on the last day before passing away is included into his/her estate. That is regardless how specific assets were acquired - inherited or otherwise - as long as these CDs were owned by the decedent - they are part of the estate.Bank CDs are reported on schedule C - you will report the total value of the CD at date of death (including accrued interest).
- http://www.tax.ohio.gov/portals/0/forms/estate/2006/ET_ScheduleC_FI.pdf The earning is reported for income tax purposes, but for estate tax purposes - the total value of inherited assets is used.If there are no other owners - no need to report on schedule E - that schedule is for Joint and Survivorship Assets - for instance for assets owned jointly with the spouse. As other friends died in the previous couple of years - they may not be considered as co-owners - and the decedent would be the only owner - thus, no need to file the schedule E.
And the same would be true for any CDs or assets from deceased husband (died many years ago)?
Yes - because these assets were owned by the decedent only at date of death.
Thank you very much - I needed a third party opinion - the atty on file wants me to move them to Sch E
You would only list them on schedule E if there are other living co-owners.As all other co-owners passed away time ago - there are NO other co-owners at date of death.So - I see no reason to use schedule E.
Thank you for the quick answer