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In most cases, the answer is no.

While you may hear complaints about the “estate tax”, most Americans will never pay it. In 2019, the total assets of an estate have to be over $11,400,000 dollars before any estate tax is owed. Eleven Million Dollars!

There is some confusion because there is an “estate tax” and an “estate income tax”. While the former is on the assets exceeding 11.4 million dollars, the latter is a tax on the income from an estate. So while most of us do not need to worry about the estate tax, we may have tax on some income received from an estate.

Here’s an example: If you were given a house from an estate, and it increases in value after you receive it but before you go to sell it, you would be taxed on the increase (the difference between the basis and what you sold it for is the income).

Of course, things can quickly become more complicated to report if there are trusts involved, transfers of property prior to death, properties being split, or many other complicating factors. If you need help claiming income from an estate, interpreting a K-1, filing a 1041 return or making estate plans, Clergy Financial can help.

Visit our website at https://www.clergytaxnet.com/resources/proadvisor/ to schedule a Pro Advisor appointment today!

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Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.

For more information or if you need additional assistance, please use the contact information below.

Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: (763) 425-8778 
Fax: (888) 876-5101
Email: clientservices@clergyfinancial.com