What is the name of your state (only U.S. law)? TX
My Dad died in early June 2010 and I am trying to figure out the tax liability for both him and the estate. Below are the questions I have if anyone can assist-
1. Can I take the entire property tax deduction paid in January 2011 for tax year 2010 on his income taxes for 2010 or do I have to split the amount between the deceased return (2010) and the estate return (2010)? This is assuming I itemize and not take the standard deduction of course.
2. Same thing for rental property income and write-off's - do I take only the amount of deductions and income up until his time of death - and the rest is claimed on the estate taxes?
3. If the estate has no income, can it write off deductions like trash removal from property, court costs, etc?
3. Is the entire amount of 1099-R's and income up to the time of death submitted for his income tax or can it be split between his taxes and the estate taxes for 2010?
4. Considering that the entire estate is worth less that $160K, will there be any taxes owed by the estate on the properties that were sold (primary residence and one rental home). The properties are part of the will that designates the beneficiaries inherit the property.
Thanks for any assistance.