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Submitted By: someone
Answered: October 5, 2017 10:09 pm
Answered: October 5, 2017 10:09 pm
Someone I know died in January 2017. Must a tax return be filed for him?
An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving spouse may be able to file a joint tax return with the decedent.
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Tax Glossary
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
