Legal Question in Wills and Trusts in Louisiana
federal return required
Is a federal estate tax return required even if the value of the estate is under the exempt amount?
Asked on 5/18/05, 9:59 am
1 Answer from Attorneys
James Maguire
James G. Maguire, Attorney At Law
Re: federal return required
Usually not. The exception is when the estate has applied for and received a Federal Tax ID number. This is done when it is necessary to open a bank account in the name of the estate. And usually there are no tax consequences. You just file an initial and final tax return. Otherwise, the IRS will be expecting the estate to file annual returns.
Answered on 5/18/05, 10:50 am
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