answersLogoWhite

0


Best Answer

By earnings from an estate, you probably mean your inheritance. The answer is no.

But if the estate itself has earnings (for example, it earns interest in its bank account or it sells property for a profit), you may have to pay federal income tax on your distributive share of the earnings. You also have to pay tax on what is known as "Income with Respect to Decedent" or IRD. An example of IRD would be a final paycheck given to a widow or interest paid on bonds after the death of the original owner.

You may also have to pay taxes if you inherit a tax-prefered account such as an IRA or 401k. The distributions from such an account would be taxable.

User Avatar

Wiki User

15y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do you have to claim your earnings from an estate on your federal income taxes?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Do you have to claim income less than 1000 on federal income tax?

I don't think you do.


Do you have to claim inheritance money on federal taxes?

Inheritances are not taxed by the federal income tax.


Do you have to claim a state tax refund on your federal taxes as income?

Yes. State refund must be claimed as income on your federal return.


How many dependents can you claim on a federal income tax return in Georgia?

3


Do you have to claim inheritance money on taxes?

Inheritances are not taxed by the federal income tax.


Do you have to claim a federal refund as income?

No. But you must claim any refunds of State & local taxes that you deducted in a prior year.


Can I claim donations of cars to charity on my CT state income taxes?

No. The tax deduction will be on your federal income taxes instead.


Are executor expenses tax deductible?

they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.


What is the meaning of real estate professionals?

The term is one typically used in federal income tax returns. It means someone who devotes at least 500 hours a year to the real estate business. It is one way to determine whether a taxpayer is entitled to claim "passive losses" on certain kinds of real estate investment.


If your child is 18 can you claim them on your taxes?

My child was in the Job Corps last year, can I still claim him on my federal income taxes as a dependant?


Can a claim of loss of income be made on federal income taxes for starting a small business?

Yes, your schedule C can show a loss.


Does a federal tort claim settlement go into probate when the veteran passes away?

It would be a part of the veteran's estate. The estate will go through probate.