Ian Bryzek, CPA
Accounting for income after death
Income after death should be assigned by source, recipient, and period.
A payment's arrival date alone may not answer where it belongs.
Maintain a list that identifies the asset producing each item of income.
What to keep with the file
Maintain a list that identifies the asset producing each item of income.
What to gather
- The source documents closest to the transaction
- A dated list of what happened after death
- Statements, invoices, or correspondence that explain the entries
Who usually handles what
- Ian can help identify the tax records and reporting questions.
A practical next step
Make a short timeline and mark any fact that still needs support.
Related guides
This general information is not tax or legal advice. The answer depends on the documents, ownership, timing, and facts of the particular matter.