Publication 559 (2023): Survivors Executors And Administrators

Publication 559 is an Internal Revenue Service (IRS) resource designed to help individuals responsible for managing the estate of a deceased person (decedent). This includes understanding tax requirements, filing necessary forms, and fulfilling tax obligations.

Who should use it?

  • Executors or administrators of a decedent's estate
  • Anyone responsible for filing tax returns on behalf of the decedent or the estate

What's the purpose of Publication 559?

This publication guides personal representatives through filing federal income tax returns for the deceased and the estate, including income earned after the decedent's death. It also explains responsibilities regarding:

  1. Income tax: Calculating and paying income taxes on income earned by the estate, such as interest, dividends, rents, and royalties.
  2. Investment income and expenses: Reporting capital gains and losses on investments held by the estate, including stocks, bonds, and real estate.
  3. Deductions and credits: Claiming allowable deductions and tax credits for the estate.

What's inside Publication 559?

This publication covers various aspects of handling the deceased's income tax, including:

A. Filing requirements: Explains when and how to file tax returns for both the decedent and the estate.

B. Income in respect of a decedent (IRD): Addresses income earned by the decedent but received after their death (e.g., unpaid wages, accrued vacation time).

C. Deductions in respect of a decedent: Covers deductions (e.g., medical expenses) incurred by the decedent but paid by the estate.

D. Estate tax deduction: Explains how to claim a deduction for estate taxes paid on certain assets.

For the current year's Publication 559, click here.