Tuesday, January 3, 2012

Personal Representatives Should Monitor the Mail for 1099-Misc

If you are a personal representative for an estate, I suggest that you monitor the decedent's mail for any 1099-Misc. forms. Why? These are a great way to locate assets that you may have overlooked or not found when completing the estate inventory.

What is the 1099-Misc.? It is a tax form, generated by the payor, for miscellaneous income paid. It might be for services, rent, interest, or royalties. Regardless of the type of income, it is an excellent way to catch any missed assets.

My father died in 2009 and that following January my mother received a 1099-Misc in the mail. We had not uncovered a small savings account at the bank where an old mortgage had serviced. Thanks to the 1099-Misc. we located some unknown assets.

Monitor the mail as we enter into the tax season.

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