Situation
Person has died, leaving a house that is currently earning rental income
Estate has not yet been disbursed, income is going into solicitor as executors of Will
When do the beneficiaries have to declare this income in their own tax return if at all ?
How is tax paid by the Estate ?
If property continues to earn income into the Estate until it is sold, will the income and the tax due on the rental income be dealt with as part of the Estate ?
and will the beneficiaries have to report that income and when ? even if the tax has already been paid by the Estate ?
I am concerned that I will have an inflated income that I have to report, that in actual fact does not need to be reported, especially if the tax has already been paid on it by the Estate.
thanks
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