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Form 1041
Client has $$$,444 under his living trust name and has passed away in September 2022. The broker added the successor trustees name to allow the successor trust to have access to the account. I have never done a Form 1041. I believe the broker acount should be treated like the sale of a home where the trust inherits a home at market value and then sells... -
K-1 no income
Preparing final return for estate (contested Will handled through probate) that had no income 2020 only $65K cash remaining from 2019 home sale proceeds. In Jan 2020 those same proceeds poured over into the Living Trust of the couple for the benefit of the surviving spouse.
In filing the final 1041 for the estate, should the information... -
Estate returned
I need your help to complete this form because this is the case of a priest friend of mine who died in 2018, he did not leave a will but he had in his retirement account 51,000 dollars that the state has already given to his sister as a representative. This happened last year but no tax was ever filled out. He was ill for over 3 years so I don't think... -
How early can initial 1041 be filed.
I've only done one 1041. This will be my second.
Client's mother passed 1/10/18. Extremely basic estate. All assets are or will be distributed by end of July (planned).
The client is aware of 1041 need. Wants it done asap.
Isn't it true that 2018 1041 doesn't come out until similar time for 1040? Thus... -
Distribution to Trusts
Background: Taxpayer died and left everything to her 4 kids. A Form 1041 is required until they sort out all of the distributions (homestead and brokerage accounts). The 4 kids each set up a trust and the house was put into a separate trust.
Question: There were cash distributions directly to the 4 kids and there were separate cash... -
Basis in Estate income tax return
I'm preparing the 1041 for an individual's estate and the personal rep closed out the brokerage accounts. She thinks the estate gets a step up in basis on date of death and doesn't have any capital gains to report. I'm not aware of an estate getting a step up in basis, only non cash assets that are passed along to a beneficiary. Can someone enlighten... -
Final 1040 or is estate income tax return required
Hi All,
I'm working on a client's final income tax return. She passed away in May 2015 and received one pension check (approx $2,000) after her date of death. There were also a couple of small stock sales ($200 gross, $2 loss) that occurred after she passed but before the accounts were distributed to her children.
All... -
Rental RE in a Trust - qualifies for $25,000 special allowance?
Client inherited a rental property from father in 2009, but property is held in a Trust in client's name until she turns 45. I am doing the Trust's 1041 this year for first time. (Previous preparer had many, many errors from what I can tell, but that is a story or two for another day.) The client (both fiduciary and beneficiary of the Trust) definitely...