My client’s father (a US resident) died during 2007, leaving approximately $700,000 to my client. The estate has not yet been finalised. Various property and investments need to be sold, and the US taxes paid. My client has so far only received about $200,000 in interim payments.
What do I need to look out for in doing the 07/08 return for my client ? Will deemed income figures need to be obtained ? in respect of the investments held by the estate after the date of death ?
Thanks
John Hughes