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Video instructions and help with filling out and completing Which 1041 Schedule I 2024

Instructions and Help about Which 1041 Schedule I 2024

Today, I want to talk about the federal inheritance tax laws and rules when filing a return. This is a really technical area of tax that can be very confusing when preparing to return, so I'm gonna try to walk through the big parts of this and try to simplify it for you as much as I can. I do have a lot of experience in dealing with gift taxes and inheritance taxes, so I'm gonna try to break this down in a way that you guys can understand. The first thing I want to cover is when you are a beneficiary and you are left with money and assets from someone else. You are required to report that on your tax return. A lot of people have misconceptions that they can get out of all this money left behind to them with interest, stocks, cash, and not worry about the tax implications of it. That's not true. You do have to file it on your return and you will get taxed as if it was your money to begin with. So, that's important to know. When you're filing your 1040, it will take all those statements that you received from the administrator of that person's assets to prepare your return, since you'll be paying tax on that. Now, there's two different things here. We have someone who is receiving items such as cash, stocks, dividends, interest, and then we have if you're receiving an estate. If you're receiving an estate from someone who passed away, you have to file another form which is a 1041. This is a separate form from your 1040, but you can find it online. If you're the beneficiary of an entire estate, you'll be filling out all these different areas on the form. But when...