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Simple English definitions for legal terms

income in respect of decedent

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A quick definition of income in respect of decedent:

Income in respect of decedent: This means any money that a person who has died would have received if they were still alive. For example, if a salesperson earned a commission but died before they could get paid, that commission would be considered income in respect of decedent. Depending on who gets the money, it may need to be reported on different tax forms. If the money goes to the person's estate, it goes on the fiduciary return. If it goes directly to a beneficiary, the beneficiary has to report it on their tax return.

A more thorough explanation:

Income in respect of decedent, also known as "IRD," refers to any income that a person who has passed away would have received if they were still alive. This income can come from various sources, such as:

  • Unpaid salary or wages
  • Unpaid bonuses or commissions
  • Unpaid rent or royalties
  • Unpaid dividends or interest

For example, if a salesperson earned a commission but passed away before receiving it, that commission would be considered IRD. Depending on who receives the income, the IRD would need to be reported differently:

  • If the IRD is paid to the deceased person's estate, then it must be included on the fiduciary return.
  • If the IRD is paid directly to a beneficiary, then the beneficiary must include it in their tax return.

Overall, IRD is any income that a deceased person would have received if they were still alive, and it must be reported and taxed accordingly.

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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