An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving spouse may be able to file a joint tax return with the decedent.
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.