Estate, Gift & Trust

Guidance on Estate, Gift and Trust Tax Compliance and Reporting

Trust & Estate Income Tax – Form 1041

The IRS Form 1041 is used to report the income generated by assets held in an estate or nongrantor trust. The form determines the income tax liability of the estate or trust and how much of the income, if any, is distributed to beneficiaries. The income distributed to beneficiaries is reported on a Schedule K-1 (Form 1041).

Our collection of blog posts and video tutorials cover a variety of Form 1041 tutorials as well as the many other schedules and forms that must be included with the tax filing.

View more articles here on Form 1041 tax return tutorials

Gift Taxation – Form 709

The IRS Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report gifts given that exceed the annual exclusion amount. Gift tax compliance and rules can be very complex, especially for individuals making substantial gifts or gifts involving trusts, noncash property, and other complex arrangements.

Our collection of blog posts and video tutorials cover a variety of Form 709 tutorials as well as the many other schedules and forms that must be included with the tax filing.