Income In Respect Of A Decedent - IRD

Money that was due to a decedent and will pass through to the recipient or estate as income during that tax year. The recipient (beneficiary) must declare the money as income in respect of a decedent (IRD) for any year in which income is received. The estate must also claim the income, but may claim a deduction in the amount of income tax due on the IRD.

While it's more common to deal with assets in an inheritance, the decedent may have had a last paycheck or unpaid commissions in transit at the time of his or her death. These items will never be reported on the decedent's income taxes and will instead be double-taxed by the recipient and the decedent's estate.


Investment dictionary. . 2012.

Look at other dictionaries:

  • income in respect of a decedent — n. Income earned by a taxpayer but received by his or her heirs or personal representatives after his or her death. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • income in respect of decedent — Any income a deceased person would have received, had he or she lived. Category: Wills, Trusts & Estates → Estates, Executors & Probate Court Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

  • income — in·come n: a gain or recurrent benefit usu. measured in money that derives from capital or labor; also: the amount of such gain received in a period of time an income of $20,000 a year Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • income — The return in money from one s business, labor, or capital invested; gains, profits, salary, wages, etc. The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income …   Black's law dictionary

  • income — The return in money from one s business, labor, or capital invested; gains, profits, salary, wages, etc. The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income …   Black's law dictionary

  • gross income — Under I.R.C. Section 61(a) gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived… …   Black's law dictionary

  • in respect of decedent — See income in respect of decedent …   Black's law dictionary

  • I.R.D. — Income in respect of decedent …   Black's law dictionary

  • deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… …   Black's law dictionary

  • Estate tax in the United States — This article is about Estate tax in the United States. For other countries, see Inheritance tax. Part of a series on Taxation Taxation in the United States …   Wikipedia

  • inheritance — /in her i teuhns/, n. 1. something that is or may be inherited; property passing at the owner s death to the heir or those entitled to succeed; legacy. 2. the genetic characters transmitted from parent to offspring, taken collectively. 3.… …   Universalium

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