Calif 541

[mactoolsix]

I just finished a 1041 w/1041-D & related K-1's for the sale of an inherited house (investment property) for a State of Calif trust . There was a L/T loss on the sale, which is being passed onto the beneficiares.

The house was a primary residence of the deceased, and never rented. Title held in a trust. It was repaired and put on the market for sale almost immediately. The loss is the result of the falling market prices, repair and retention costs, and the costs of the sale.

I assume I also need to file a State of Calif 541, Sch D-541 & K-1 schedules. In reviewing the Sch D-541, it looks like the only difference would arise if the Calif laws apply differently in this situation (which I don't think they differ). Is there something I'm missing here?


Thanks!
Mike

[dsi]

I've prepared a couple of these, not as many as I would like since they do generate a nice profit. So, my limited experience says you are on the right track, Mike. Go for it.