The executor said everything was POD, co owners, annuities has beneficaries etc.
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If there is no estate income, there is no 1041 required. So no real estate (personal residence or other) to be sold? No expenses to be paid? No executor's fees? No stock losses? There may be some deductions to pass through, if any of these is the case. It's rare, but it happens. Usually the case with a surviving spouse. -
Yes there is interest, etc.
The deceased never married and there is some 1099-int and the house that sold after her death.Comment
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Filing threshold for 1041 is $600. Probably should file, using Sche D (1041) for sale of house and it usually results in a loss due to expense of sale. Amt not needed to offset income will pass through to beneficiary(ies) of estate. Also excess deductions in the administration of the estate will do the same.Comment
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Still a little confused
Need report house sold after death. I understand it goes on Sch D within the 1041 which I assume the cost basis is the "appraisal" value of the home at day of death.
If there is a gain, does any of the gain flow to the beneficaries and if so how exactly does it flow? Is it imported into the beneficaries form 1040?Comment
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K-1
Final 1041 will generate K-1s for the beneficiaries that they will report on their 1040s.Comment
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