Paying Taxes Probated Texas Courts

An executor has many duties, including paying taxes (sometimes multiple kinds of taxes), and there are various required IRS forms required when paying those taxes. Here’s a breakdown:

Decedent Income Tax Returns

As executor, you are responsible for filing personal income tax returns for the decedent. These returns are due on the same date everyone’s personal income tax return is due (typically April 15th) and must be submitted by the due date in the year after the decedent’s death. The final tax return will cover the preceding year until the date of death, after which the estate becomes responsible for its own taxes and must submit its own return.

IRS publication 559 provides instructions for filing decedent income tax returns. You can also use tax software like TurboTax or employ the services of an accountant for guidance.

If the decedent had not yet filed tax returns for any years before their death, you are also responsible for filing those tax years by their regular due dates. However, if they did file a return for that year and are due a refund, you can collect it by filing IRS Form 1310.

Filing considerations:

  • Minimum income: a tax return only needs to be filed if the decedent’s earnings exceeded the minimum amount set by federal and state law.
  • Medical deductions: if the decedent incurred significant medical costs the year they passed away, you may be able to deduct many of those expenses. To qualify, the decedent must have paid those expenses before they died, or the estate must pay them within one year of death.
  • Surviving spouse: if the decedent is survived by a spouse who has not remarried, the final personal income tax filing may be made as a joint return, which usually lowers taxes compared to filing individually. Under certain circumstances, the surviving spouse may be able to continue filing joint returns for an additional two years.
  • Revocable living trusts: any income received during the portion of the tax year the decedent was alive should be reported on the final income tax return. Once all owners of a revocable trust pass away, the trust converts to an irrevocable trust. It is then considered a taxpayer and is responsible for filing its own tax returns going forward.

Annual Estate Income Tax Returns

If an estate earns over a minimum amount (around $600), it must file a federal IRS Form 1041 in the year it earned the income. You’ll also need to file the corresponding state form if you file a federal form.

Annual Property Taxes

If the estate contains real property, any relevant property taxes must be paid by you until the property is either distributed or sold to the heirs. Property taxes are often due in two installments during the calendar year, although due dates vary widely by jurisdiction.

Annual Trust Tax Filings

After death, income from a living trust begins accruing for the benefit of trust beneficiaries, and the trust must report any income it distributes. Any income not distributed in a given year must be handled via the trust’s own federal and state tax filings. Bear in mind that managing a trust is the responsibility of the trust trustee, not the estate executor.

The “Big Estate” Tax

If the gross estate value exceeds a specified amount ($12.06 million in 2021), federal estate tax Form 706 is required. Filing the form doesn’t mean the estate will owe any taxes since taxes are calculated on an estate’s net value. “Big Estate” tax payments can become very complex. Using the services of an estate tax attorney and CPA is advised.

Inheritance Tax

An inheritance tax is levied on amounts distributed to individual heirs. There is no federal inheritance tax, but several states enforce their own inheritance taxes (there are no inheritance taxes in Texas).

Questions Concerning Probate and Real Estate?

Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.

If you have questions concerning probate and real estate in Tarrant, Parker, Wise, Collin, Denton, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.

David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.

Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.

Voices of Trust: Inspiring Testimonials from Satisfied Probate Clients

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Mayor Betsy Price Stopped By Our Open House
Mayor Betsy Price, Gyna Bivens, Sal Espino all approve. The area is still a bit "BLIGHTED", but the City is committed and our builders are too for the re-development of Stop Sixx. If you search "Legacy Brother Homes" on Facebook or Youtube, you will find more info about the homes? All video's are on Youtube, if you search Leagcy Brother Homes. LIKE THEIR PAGE for the latest news and finished homes. New Homes now complete LISTINGS: https://www.citiesrealestate.com/idx/... h
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James Bonar & DOC
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Open Houses
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Our team here at Cities Real Estate is dedicated to presentation. Our out of this world Open House events deliver a one of a kind home selling experience, which leads to our clients receiving the best results possible. Our Open House events have been described as unique, friendly, lively, and engaging. From food, to t-shirts, to give always, Cities Real Estate Open Houses are always offering a pleasurable experience. For more information about this property, please contact David Pannell Cities Real Estate
SOLD | David Pannell and Homeowners
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Call Today 817-345-6263 One Our TEAM members will help you! The Resort at Eagle Mountain Lake The gorgeous lakefront home at 5724 Lakeside Drive is for people who want their home to be a place of ultimate relaxation. This home sits in The Resort on Eagle Mountain Lake. It's a gated master-planned community designed to offer a resort lifestyle every day of the year. The community is surrounded by beautiful green, rolling hills. It's an escape from cluttered city life, and from bustle and industry. Here,
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Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEs... Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrea... David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the h
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SOLD | Sendera Ranch Fort Worth & Haslet Tx
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1st VIDEO | David Pannell 2007
Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in
SOLD | Aledo Texas Home
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SOLD | Fort Worth Texas Homes
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SELLER | How to Declutter | Homeowner Tips
Is decluttering really that crucial when selling your home? The answer is yes, and today I’m explaining why. I’m also providing some tips to help you declutter when the time comes. Not only do you need to declutter to sell, but it’s good to keep your house tidy while you live there too. To learn more about why you don’t want a crowded home, watch this short video. Learn more: https://www.citiesrealestate.com/blog... Contact David Pannell Cities Real Estate Brokerage at 817-345-6263. COMPANY SOCIAL MEDI
Norma J. Miller & Peggy Clark
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Donnie & Sheri Osinski | Client Testimonial
Donnie and Sheri talk about how David Pannell Broker @ Cities Real Estate sold their home and made them $28,000 more than what they were expecting for a sales price.
Risa Seeton Review
Ms Seeton called us in January 2021 and requested that we help her sell her house fast. For more information about this property, please contact David Pannell Cities Real Estate Brokerage at 817-345-6263.
SOLD | Saginaw Texas
Fort Worth Homes For Sale David Pannell Cities Real Estate
Jen Dopilka Client Review
Immaculate 4 BR 2 BA move-in ready home in Tehoma Ridge. Beautiful stained cabinets with granite countertops in kitchen. Covered patio outback overlooking the perfectly maintained yard. Wood floors in dining and living areas. Double sinks in master bath along with extra large closet. Very much a gem that wont last long!
Never Say “Never” By David Pannell
UMLIC Unreleased Vendors Lien (Mortgage Loan 1996) Sometimes, when you least expect it, you find a diamond in the rough. Much of the day-to-day work a realtor does is mundane. Of course, it’s exciting and fulfilling when a transaction closes, but the behind-the-scenes work people don’t see us doing is finding motivated sellers. One of the ways we find sellers is by contacting people whose listing of their home being for sale has expired. We call people we don’t know, who don’t know us, and try to earn t
Cookie & Alex - Avoid Probate
Cookie & Alex - Avoid Probate
Melody's Story - ?????????? Review For David Pannell Broker
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Probate Property: Pricing Your Home Accurately
Are you thinking of selling your home soon? Then it’s crucial that you price it correctly the moment it goes live on the MLS. Not pricing it correctly will cause it to sit on the market for months and months. This is why you need to know how homes get priced and what you can do to price yours correctly. To find out more, watch this short video.
LaDonna Nash
We SOLD her home for 34,000 more than the PREVIOUS listing agent had it listed for.
Darin Deaton
Darin and his wife share their experience with Cities Real Estate in selling and buying their new home. Not only the quality of presentation, but the exposure their home received is only a few factors The Deatons contribute so such great success during this process. We at Cities are confident you will feel the same so call today to see how we can help! Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://ww
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A TRUE Probate Story of a woman burden with a house
A woman burdened from a house, she inherited from her family, marvels over the broken house made new. ???? (817) 345-6330. David Pannell #broker #probate #dallas #fortworth What is your home worth? ?????? Have You Inherited A Property? Get Started Now! ??? or ?? LINK: http://myinheritedpropertyvalue.com/ SOCIAL MEDIA: ?? Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ ?? - Have You Inherited A Pro
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Richard Smith - 25,000 Than List Price
Client Review | Richard Smith - 25,000 Than List Price ???? (817) 345-6330. David Pannell #broker #probate #dallas #fortworth What is your home worth? ?????? Have You Inherited A Property? Get Started Now! ??? or ?? LINK: http://myinheritedpropertyvalue.com/ SOCIAL MEDIA: ?? Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ ?? - Have You Inherited A Property? Get Started Now! LINK: http://myinherited
Daniel Gyomory Realtor
Daniel Gyomory Realtor Review of Cities Real Estate & David Pannell ???? (817) 345-6330. David Pannell #broker #probate #dallas #fortworth What is your home worth? ?????? Have You Inherited A Property? Get Started Now! ??? or ?? LINK: http://myinheritedpropertyvalue.com/ SOCIAL MEDIA: ?? Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ ?? - Have You Inherited A Property? Get Started Now! LINK: http:
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Information is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. The information being provided is for the consumer's personal, non-commercial use, and may not be reproduced, redistributed or used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Cities Real Estate are marked with the NTREIS IDX logo and information about them includes the name of the listing brokerage.

NTREIS data last updated December 2, 2023.

Why Hire Cities Real Estate

Whether buying or selling a home, it is our goal to make this important event a positive and enjoyable experience. We are committed to providing you with personal attention accompanied by courtesy, respect and professionalism.

David Pannell's Team is a top producing real estate team in the Fort Worth Texas. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the home buying and selling process. We focus on detailed systems and aggressive negotiating strategies to get our clients the best results every time.

Thinking about buying a home? You have found the best search engine to do just that. In addition, our team will get you priority access to all the best deals the moment they come on the market…. and in this competitive market you have to have that sort of access to nail down a great deal! If you are looking to sell your home we specialize in getting our clients maximum exposure and top dollar every time.

Our aggressive marketing systems are proven and will net you more money vs your traditional real estate marketing plan. Congratulations on finding a top performing team in the area that is focused on your success! Happy home buying and selling! David Pannell's Team

Rely On A Probate Estate Expert

Cities Real Estate agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help. Contact David today at (817) 797-9047.

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