Estate
In one sentence: All the property a person owns at death.
What it means
For income tax purposes the estate is a separate taxpayer that files Form 1041 until administration ends. For estate tax purposes it's the base for Form 706.
In one sentence: All the property a person owns at death.
For income tax purposes the estate is a separate taxpayer that files Form 1041 until administration ends. For estate tax purposes it's the base for Form 706.