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stock found for decedent

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    stock found for decedent

    Client's mother passed away in 2004. There were no assets, no estate tax return that was done at the time. Through unclaimed funds, some shares of stock were found by the family. They had to apply for an EIN for the estate and the rough guess is that there will be a capital gain from date of death to sale date of around $1000, unfortunately over the $600 threshold. This is a new one for me - do we just file a current 1041 and mark it as final? Any ideas/suggestions? thanks!

    #2
    Thoughts

    1. File the 1041 and make sure to distribute the money to the beneficiaries in the same year.

    2. Get the state to issue the shares or proceeds directly to the beni's.

    3. Not correct but probably no one would care, skip the 1041 and have each beni show a stock sale on their 1040. My guess is IRS is not going to contact you about an estate with one stock sale.

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