The son of a former client came in today. He is the PR for his father who died July 2011. We prepared the final return for his father and he indicated he was working with an attorney on the rest. He came in now because he was confused about the process and wanted a second look.
The estate was just short of $1 mil and included rental houses and a installment agreement. There were 5 revisions of the inventory. All but 1 of the houses have been sold, some in 20122 and some in 2012 and the installment agreement property is in default.
When I asked about the 1041 he had no idea. Looking through the attorney’s paperwork I can’t find any sign of an EIN. The bank interest, mortgage statements and 1099 forms for rent are all addressed to the estate but all have the decedents SSN on them. I don’t have enough information to know if the estate has taxable income or not but there is the installment agreement and the carrying cost of the properties to consider.
Should I pull an EIN and file the old return or just run?
The estate was just short of $1 mil and included rental houses and a installment agreement. There were 5 revisions of the inventory. All but 1 of the houses have been sold, some in 20122 and some in 2012 and the installment agreement property is in default.
When I asked about the 1041 he had no idea. Looking through the attorney’s paperwork I can’t find any sign of an EIN. The bank interest, mortgage statements and 1099 forms for rent are all addressed to the estate but all have the decedents SSN on them. I don’t have enough information to know if the estate has taxable income or not but there is the installment agreement and the carrying cost of the properties to consider.
Should I pull an EIN and file the old return or just run?
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