01.
It allows the estate’s personal representative to open a separate bank account for the estate, which can then be used to collect all the assets and pay remaining debts or expenses to the appropriate financial institution.
Estate of Deceased
After a person dies, their debts must be settled and their remaining assets passed on to the decedent’s beneficiaries, according to their will. A decedent's estate refers to everything of value the individual owned, including personal belongings, physical and intangible assets, real estate, financial securities, and cash. A will legally stipulates how an individual’s estate is to be split up.
Why Do You Need an Employer Identification Number for Estate of Deceased?
A decedent and their estate are considered two separate taxable entities. Therefore, there are two primary reasons why you need an estate tax ID number:
02.
You must obtain a tax ID number for a decedent's estate to file the estate’s tax return, especially if it’s still generating taxable income.
Benefits of an EIN
If you apply for an estate tax ID number, you can expect the following benefits:- It makes it possible to pay off all debts and remaining taxes.
- An estate tax identification number allows you to maximize tax deductible payments and deductions. For example, the beneficiary can claim an estate tax deduction for income in respect of a decedent (IRD) if federal estate tax has already been paid on these same assets, thereby eliminating the double-taxation.
Why GOV+
GOV+ takes all of the hassle out of government applications with a convenient estate tax ID online application. Estate planning is already stressful—let GOV+ help you shoulder the burden. Combining our smart, cloud-based technology with an expert customer service team, we’ve streamlined the process. All you have to do is fill out a single form, then we’ll take care of the rest.
Ultra-quick customer service
Get fast, accurate answers to all of your questions at every step. With average 30 second hold times and efficient conversations, you’ll be on your way in no time.
Real-time status updates
No more waiting and wondering about your form’s status. GOV+ offers instant updates and customizable alerts, from the moment of filing to final outcome.
Tailored Transactions
GOV+ technology eliminates needless busywork with forms and applications that adapt to you. Your situation is unique, and you deserve a simple, personalized experience.
Ultra-quick customer service
Get fast, accurate answers to all of your questions at every step. With average 30 second hold times and efficient conversations, you’ll be on your way in no time.
Real-time status updates
No more waiting and wondering about your form’s status. GOV+ offers instant updates and customizable alerts, from the moment of filing to final outcome.
Tailored Transactions
GOV+ technology eliminates needless busywork with forms and applications that adapt to you. Your situation is unique, and you deserve a simple, personalized experience.
Employer ID Number Made Easy