How do ESTATES get an EMPLOYER IDENTIFICATION NUMBER (EIN) for the DECEDENT'S INCOME? скачать в хорошем качестве

How do ESTATES get an EMPLOYER IDENTIFICATION NUMBER (EIN) for the DECEDENT'S INCOME?

When a person passes away and an estate is opened to handle the distribution of the person’s assets and other legal matters, the first thing those handling the estate should do is obtain an Employer Identification Number (EIN) to identify the estate to the Internal Revenue Service (IRS). The term “estate representative” will include a representative, administrator or executor for an estate or probate estate. Although the IRS uses the term “employer EIN” the estate is required to obtain one whether or not it is an employer. The same number is used by California taxing authorities. If you are represented by a probate lawyer or you have retained an accountant, either of them can obtain the EIN for you. (see below) The EIN is required because an estate representative may need to file federal and California income tax returns (Forms 1041 and 541, respectively). The estate representative must file a federal income tax return (Form 1041) if the estate has: gross income for the tax year of $600 or more, or a beneficiary who is a nonresident alien. What kind of income would an estate have? Common examples are rents from real estate in the estate, salary that wasn’t paid to the deceased person before death, or interest on an estate bank account. The representative must give the EIN number to banks and corporations paying interest and dividends, and to other persons who are required to file IRS Information Forms 1096 and 1099-A through 1099-S. Treas Reg §301.6109-1(b). If you promptly distribute all the estate assets to the people who inherit them, the estate may not have income, and you may not need to file an income tax return for it. For example, if the deceased person owned a house in joint tenancy with his spouse, and had payable-on-death designations on his bank accounts, those assets will pass immediately to their new owners at death. They won’t generate income for the estate. You should consult your accountant to determine if you should obtain an EIN for an estate. Hey there! If you enjoyed this video, here are a few ways you can support the growth of our channel    / @estateplanningcalifornia   👍 Give it a thumbs up! Your vote means the world to us and greatly contributes to our channel's development. 💬 Leave a comment or ask a question about Wills, Trusts or Estate Planning. We love engaging with our viewers and will be delighted to respond to your questions. 📢 Share this video so your friends and family can join in on the excitement and learn more about Estate Planning in general. 🔔 Don't forget to subscribe to our channel and hit the bell icon to stay updated with our latest videos featuring helpful information in Estate Planning. Thank you for your attention! We truly appreciate your support. #EstatePlanning101 #WillsAndTrusts #EstateEducation #LegacyPlanning #ProtectingYourAssets Follow Rex Crandell Firm on social media: Instagram:   / rexcrandellfirm   Facebook:   / rexcrandellfirm   Yelp: https://www.yelp.com/biz/rex-crandell... Website: https://www.rexcrandell.com/ Newsletter: http://taxrexcrandell.com/ Want to learn more about Estate Planning in California? COMPREHENSIVE ESTATE PLANNING: "Don't Leave Earth Without It" by Rex Crandell is available on Amazon - https://www.amazon.com/Comprehensive-... Subscribe to our YouTube Channel for informative videos on Estate Planning and Income Tax: "ESTATE PLANNING CALIFORNIA / Rex Crandell Firm"    / @estateplanningcalifornia   Rex L. Crandell Rex L. Crandell Firm Walnut Creek Office 3000 Citrus Circle Suite 207 Mail: P O Box 30305 Walnut Creek, CA. 94598 (925) 934-6320 (800) 464-6595 Fax: 925 934-6325 E-Mail: [email protected] http://www.taxrexcrandell.com; http://www.RexCrandell.com; GPS Navigator: Lat. 37.9293265N. Lon. -122.0145487W. Buy the book by Rex Crandell: COMPREHENSIVE ESTATE PLANNING: "Don't Leave Earth Without It" on Amazon: https://www.amazon.com/Comprehensive-... Visit and Subscribe to our YouTube Channel for informative videos on Estate Planning and Income Tax: "ESTATE PLANNING CALIFORNIA / Rex Crandell Firm" https://www.youtube.com/channel/UCW1p... Sign up for our monthly Income Tax Newsletter: http://taxrexcrandell.com/newsletter.php Hash Tags: #EstatePlanning101 #WillsAndTrusts #EstateEducation #LegacyPlanning #ProtectingYourAssets #WealthManagement #FinancialLegacy #SecureYourFuture #SmartEstatePlanning #InheritancePlanning #EstateLawInsights #FamilyWealth #PlanYourLegacy #EstateStrategy #TrustsAndEstates #EstatePlanningTips #ExecutorGuidance #ProbateProcess #GuardianshipMatters #ElderLawExpertise