Trust, Estate & Gift Tax Returns
Trust, Estate & Gift Tax Returns
Trust return filed if decedent's assets are placed in a trust. The Trustee is responsible.
Estate return filed if decedent's assets are not placed in a trust or they are in probate. The Executor is responsible.
Gift returns are filed once a taxpayer gives someone more than the allowed annual gift amount (2022 - $16,000)
Trust/ Estate/Gift Tax
Do you need to file a fiduciary or gift tax return? This can be a confusing question, especially if you are not familiar with the terminology. We can file the different types of returns that may be needed to be filed and help you determine which one applies to you. The term "fiduciary" generally refers to someone who has been appointed to manage the affairs of another person or entity. A fiduciary may be appointed by a court or may be named in a will or trust agreement. A gift tax return is required when an individual transfers property to another person
A Trust Tax return is filed if the decedent's assets are placed in a trust. The Trustee is responsible.
An estate return is filed if the decedent's assets are not placed in a trust or they are in probate. The Executor is responsible.
Gift returns are filed once a taxpayer gives someone more than the allowed annual gift amount
If you are not sure which form to file, we can help. We will review your unique circumstances and let you know what needs to be filed.
To file an Estate Tax Return, we would need the following information:
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The value of all assets held by the decedent at the time of death
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Any debts or liabilities owed by the decedent at the time of death
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Information about gifts made by the decedent during his or her lifetime
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Information about any trusts created by the decedent during his or her lifetime
To file a Trust Tax Return, we would need the following information:
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The name and taxpayer identification number of the trust
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The name and taxpayer identification number of the trustee
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A schedule of all income, deductions, and distributions for the tax year
A gift tax return is required to file when:
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An individual transfers property to another person
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The total value of all gifts made during the year exceeds the annual gift tax exclusion amount
