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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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I have a client whos mother passed away 7/01/2011. All of

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I have a client who's mother passed away 7/01/2011. All of the stocks and bonds were sold after her death (12/5/2011). Their is a net LTG from all transactions How is this reported on the 1041? Does this flow through the beneficiaries via K-1.
Welcome! Thank you for your question.

Yes, the beneficiaries are issued a K-1 based on the distributions made. They will pay the tax on the Long Term Gain.

I am assuming from your question that you have properly calculated the basis being the value on the date of death?

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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Thank you,

John

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