I have an estate with a 2/1 to 1/31 fiscal year. The first filing was 2/1/04 to 1/31/05. The estate will have losses to be distributed to the beni's in the final year. The estate will be wrapped up in say 2 months. I think I file a short year return from 2/1/05 till say 8/31/05, thus generating the deductions on the beni's 2005 returns. I just want to be sure this is correct.The other option is I file a full year return with the losses becoming available in 2006.
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estate 1041
You are correct, Mark. If you wind up all transactions by August of this year, you file a final 1041 with an 8/31/05 ending date, and all K-1 pass-through items flow through to the beneficiaries 2005 return. Since the 2005 forms are not out yet, you would do this on 2004 forms with a fiscal year end showing 8/31/05.
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