Key Issues for Decedent’s Estates: Final 1040 and Post-Mortem Elections and Decisions

Settling a decedent’s tax matters is rarely about “just filing the final 1040.” This CPE webcast walks through what belongs on the decedent’s final return (income and deductions through date of death), who must sign and file, joint vs. separate return issues, and the common traps that show up when payors keep reporting under the decedent’s SSN. You’ll also cover key “day-of-death” rules for S corporation shareholders, partners/LLC members, trusts, retirement distributions, installment sales, principal residence sales, EE bonds, medical deductions, and the harsh reality that many losses/credits simply expire at death.

From there, the course shifts to the post-mortem elections and decisions that can materially change outcomes on the fiduciary income tax return and beyond—fiscal year selection, the §645 qualified revocable trust election, where to deduct administration expenses, the 65-day election, estimated tax allocation elections, charitable timing options, and the §643(e) gain-recognition election on in-kind distributions. You’ll also review major estate tax planning elections and “pressure points” (e.g., §6166 deferral, portability and timely Form 706 filing, QTIP/QDOT considerations, alternate valuation date, special use valuation, §754 basis adjustments, and S corporation trust elections) so you can advise confidently when the clock is running.