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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1270
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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i received a K1 form from the trustee of an estate. The amount

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i received a K1 form from the trustee of an estate. The amount they entered as what I owe taxes on is only $500 less that I recieved. I do not belive the capital gains to be that much. I contacted the trustee of the estate he refused to talk to me and told me to cal his C.P.A. The C.P.A. refused to give me the figures unless I pay him. Am I not entitled to these figures without having to pay for them?
Submitted: 4 years ago.
Category: Tax
Expert:  Arthur Rubin replied 4 years ago.
In many states, the trustee is required to give an accounting to the beneficiary on request, and the CPA should have prepared the Schedule K worksheet for the trust, but it's not required to be filed, so the trustee may not have it. Whether Virginia is one of those states is a legal question, and not within my expertise. If Virginia is not one of those states, you may need to petition the probate court for an accounting.

That being said, it does seem suspicious, unless you're an income-only beneficiary of the estate. Those distributions which represent the corpus (body) of the estate are non-taxable. As an aside, if you received income allocated to capital gains, you should have had the capital gain income reported in section 3 or 4 of the 1041 Schedule K-1.

To be sure, though, we'd need to know the will clause specifying what you were to receive from the estate and/or all the dollar amount lines on the K-1 and the amount you received.

I'm heading out for a few hours, so if you want to reserve any further question you have for me, please indicate how long you wish to do so in the question or in the Just Answer options.

Edited by Arthur Rubin on 3/23/2010 at 2:45 PM EST
Customer: replied 4 years ago.
This was real estate and many years passed as the family fought over it. So there would have been capital gains. There was no will. I want the figures because I dispute the k1. The estate was devided between 9 people. Two portions are held in trust seeking heirs. My portion of the division of the sale of the land was 60000. They sent me a k1 for 58000. As you see I really need the figures. Am I right in assuming that the C.P.A. doesn't have to give me these figures and can charge me for them?
Expert:  Arthur Rubin replied 4 years ago.
The trustee should have the 1041, including a Schedule D, covering the sale of the land. If your inheritance derives solely from the sale of the land, the line from the 1041 Schedule D, and your percentage of the sale, should be sufficient to determine the relevant information. In general, if the inheritance you received last year (plus that received in the first 65 days of 2010, at the estate's option, per section 661(b)), were $60000, and the amount reported on line 4a of the 1041 K-1 were $58000, then the basis of the property (probably the value at death) would have to be only $2000 divided by your share percentage. I don't know if that's realistic.

Perhaps you should request this be transferred to the Estate Law category; but, if the is an estate, rather than a trust, and the trustee was appointed by the Court, the Court should still be monitoring the proceedings, and you can petition the Court for an accounting.

If it's a trust, it is definitely a question of Virginia law, and should be transferred to some other category.

If you are sure the accounting is wrong, you can file your personal return using what you believe to be the correct values, using form 8082.

Edited by Arthur Rubin on 3/23/2010 at 8:09 PM EST
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1270
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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