Decedent Deduction

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Definition: Decedent Deduction

Decedent Deduction
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Full Definition of Decedent Deduction

Inherited income subject to federal income tax by the Internal Revenue Service (IRS). The money was received by a descendent during their lifetime but taxes were not paid on the money before he or she died. The beneficiary of the funds will be taxed as money is withdrawn from the inherited account.

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https://payrollheaven.com/define/decedent-deduction/
Modern Language Association (MLA):
Decedent Deduction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 20, 2024 https://payrollheaven.com/define/decedent-deduction/.
Chicago Manual of Style (CMS):
Decedent Deduction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/decedent-deduction/ (accessed: April 20, 2024).
American Psychological Association (APA):
Decedent Deduction. PayrollHeaven.com. Retrieved April 20, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/decedent-deduction/

Definition Sources

Definitions for Decedent Deduction are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.