[WSBAPT] Immediate transfer on death/1041 income

[Philip N. Jones]

I vote with Stuart.
Phil Jones

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Stuart Scarff
Sent: Thursday, March 10, 2022 11:31 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Immediate transfer on death/1041 income

Mike,

The asset passed to the survivor/beneficiary immediately upon death and the post-death income should follow and be reported on the survivor/beneficiary's tax return.

Stuart Scarff, Esq.
3035 Island Crest Way, Suite 201
Mercer Island, WA  98040
206.236.1500
206.905.5912 (fax)
www.scarfflaw.com<http://www.scarfflaw.com/>
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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Mike Zeno
Sent: Thursday, March 10, 2022 10:55 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Immediate transfer on death/1041 income

I have been scratching my head about this one:

Securities are held in a way that title transfers immediately on death-joint tenancy with right of survivorship, transfer on death, whatever.   Probate is opened because there are some assets that are not nonprobate assets.  Securities earn dividend income while the estate is open.  Is this income of the estate, reportable on the 1041?  Or since securities never passed through the estate, is that not the case, and post-death income simply reported on 1040 of survivor?

???

The Law Office of G. Michael Zeno, Jr., P.S.
T:  (425) 947-8050   F:  (425) 947-8052
135 Lake Street S., Suite 257
Kirkland, WA 98033

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