Question

The death of an individual eliminates the standard deduction for the year of death.

a)true b)false

Answer 1

The death of an individual does not eliminate the standard deduction for the year of death.

False. The death of an individual does not eliminate the standard deduction for the year of death. The standard deduction is a set amount that taxpayers can subtract from their taxable income to reduce their taxable income. It is not affected by the death of an individual. However, there may be other factors that affect the tax situation of the deceased person's estate, such as estate taxes or inheritance taxes.