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...
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K-1 no income
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s corp, never filed k-1's or w-2's , put all income on schedule C
Man I don't know where to start with this mess. The client has been filing their 1120S forms filled out by hand with no k-1's. Except for a few years at the beginning they didn't pay themselves though payroll, and instead just took profit checks. They then filed all the same business information again on a schedule C on their 1040, paying self employment... -
Basis limits on Publicly traded Partnership K-1
Good morning and please excuse my long post - I have been a lurker for years, and hope that I am including all info up front to support my questions. So here's the situation - A client has a PTP with a negative ending capital account under the "tax basis" on Part L of schedule K-1, from 2011 - the first year the ending basis was below zero.... -
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...