After a Taxpayer’s Death

Tax Year:  2018
Prerequisites:  None

Course Description:

As tax professionals, we are accustomed to filing tax returns for our clients through all phases of their lives such as when they find their first paid job, get married, have children and save for retirement.

In this course, we will discuss the tax returns that may need to be filed on behalf of deceased taxpayers during the year following their death. Depending on the taxpayer’s individual circumstances these forms may include:

  • Form 1040
  • Form 1041
  • Form 706
  • Form 709

These forms will all be discussed in turn, supported by numerous examples that illustrate when each form should be filed and what information should be included in each case.

Learning Objectives:

Upon successful completion of this course, you will be able to:

  • given the facts and circumstances related to a taxpayer’s financial situation following his or her death, determine the tax return forms that must be filed for the taxpayer
  • recognize the impact of the legalization in 2015 of same-sex marriage in relation to handling the financial affairs of same-sex couples following the death of one spouse
  • given the relevant details of ownership, correctly determine which of a taxpayer’s assets are required to go through probate following his or her death
  • correctly calculate the gross value of an estate for the purpose of determining whether or not an estate tax return is required
  • identify the main characteristics of grantor, revocable and irrevocable trusts
  • given the details of a gift made from one individual to another, calculate any taxable amount and determine whether or not a gift tax return is required

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