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I am the executor for my mothers estate, which was worth $300,000-400,000

I am the executor for...
I am the executor for my mother's estate, which was worth $300,000-400,000 when she died in 2008. The lawyer I hired for advice in dealing with the estate said we would owe no tax but must file federal estate tax forms. He offered to file these tax forms (and wanted to charge for this service) but I said I would take care of them myself. However, looking at
http://www.irs.gov/instructions/i706/ch01.html#d0e173
it seems to indicate that estates worth $2M or less do not have to file. Is there any point to filling out these forms anyway, given that by no stretch of the imagination does my mother's estate come near $2M?
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Answered in 11 minutes by:
7/3/2009
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,621
Experience: Taxes, Immigration, Labor Relations
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As an executor of your mother's estate - you need to be familiar with the IRS publication 559 - http://www.irs.gov/pub/irs-pdf/p559.pdf

 

You are correct - you do not need to file federal estate tax return if the total value of the estate is below $2,000,000 (for 2008).

However - you will need to file final income tax return for deceased - regular form 1040,

and you most likely need to file income tax return for the estate - form 1041 - there is no need to have a separate tax ID for the estate - you may use your mother's SSN for reporting.

 

While I agree with you hiring a lawyer might be a little expensive - I still suggest to have a professional tax preparer to do the paperwork.

Also you might need to consider filing requirements in your state.

 

Let me know if you need any help.

 

Lev
Lev, Tax Advisor
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