A cash-method decedent who did not report interest earned on bonds annually has passed away. Who can elect to include all the interest earned on these bonds on the decedent's final... A cash-method decedent who did not report interest earned on bonds annually has passed away. Who can elect to include all the interest earned on these bonds on the decedent's final income tax return?
Understand the Problem
The question is asking who has the authority to include accrued interest on a deceased individual's bonds on their final income tax return, given the decedent used the cash method of accounting and did not report the interest annually. We need to identify which party has the right to make this election.
Answer
The executor or administrator of the estate.
The executor or administrator who is required to file the decedent's final income tax return can elect to include all of the interest earned on the bonds on the decedent's final income tax return.
Answer for screen readers
The executor or administrator who is required to file the decedent's final income tax return can elect to include all of the interest earned on the bonds on the decedent's final income tax return.
More Information
This election can only be made if the decedent used the cash method of accounting and did not report the interest annually.
Tips
Ensure you understand who is responsible for filing the final income tax return for the deceased, as this person makes the election.
Sources
- Report savings bond interest for a deceased taxpayer - TurboTax Support - ttlc.intuit.com
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