Estate 1041

[peggysioux]

Taxpayer executor of mother's estate who passed away in 2014; however probate did not begin until 2018 and no 1041's have been filed. Home sold in June of 2018. Working on first 1041 to be filed. If mother passed away in May of 2014 and I chose a fiscal year of 5/2018 and ending 4/2019, then I can file a first and final 1041 if proceeds of sale of home (only asset) are disbursed to beneficiaries prior to April of 2019. Please let me know if my line of thinking is incorrect.

Thank you.

Peggy Sioux

[Burke]

Taxpayer executor of mother's estate who passed away in 2014; however probate did not begin until 2018 and no 1041's have been filed. Home sold in June of 2018. Working on first 1041 to be filed. If mother passed away in May of 2014 and I chose a fiscal year of 5/2018 and ending 4/2019, then I can file a first and final 1041 if proceeds of sale of home (only asset) are disbursed to beneficiaries prior to April of 2019. Please let me know if my line of thinking is incorrect. Thank you.Peggy Sioux

What has been going on with this home since 2014? Has it remained empty or was someone living there? I assume it has not been rented. Who has been paying the expenses of maintaining the home if this was the only asset? Did she leave a will that distributed it to the beneficiaries? If no will, it would have passed under operation of law to the heirs. It would have received a stepped-up basis as of DOD. Is there going to be a gain? It may be that no estate return needs to be filed, but each bene/heir will report their share on their own tax return. How was it reported by the settlement agent? You said probate did not begin until 2018. So that means that there was a will?