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.
I don't think you do.
Inheritances are not taxed by the federal income tax.
Yes. State refund must be claimed as income on your federal return.
3
No. But you must claim any refunds of State & local taxes that you deducted in a prior year.
I don't think you do.
Inheritances are not taxed by the federal income tax.
Yes. State refund must be claimed as income on your federal return.
3
Inheritances are not taxed by the federal income tax.
No. But you must claim any refunds of State & local taxes that you deducted in a prior year.
No. The tax deduction will be on your federal income taxes instead.
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.
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.
My child was in the Job Corps last year, can I still claim him on my federal income taxes as a dependant?
Yes, your schedule C can show a loss.
It would be a part of the veteran's estate. The estate will go through probate.