Received Income Due To A Deceased Loved One? What To Know
When a life is cut short by death, many things will usually remain unresolved or in progress. When these things are financial in nature, they can create unexpected complications in filing income taxes for the deceased taxpayer, their estate, and their heirs. One such complication is known as income in respect of a decedent. What does this mean? Who claims such income and how? And how can you minimize the tax impact of it?