The deceased owned a property which he rented out. He left a Will leaving his residuary estate to his wife. The rental property formed part of the residuary estate. The rental property has now been Assented to his wife. The query is with regards to the income tax liability on the rental income from the date of death up to the date when the rental property was transferred to the surviving wife.
Is the rental income received from the date of death up to when the rental property was transferred to the wife deemed to be the wife’s personal income and therefore to be declared on her personal tax return or does the executor need to include the rental income as part of the estate income?
Progressive Wills Ltd