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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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Im working on the final 1041 for moms estate. The only income

Resolved Question:

I'm working on the final 1041 for mom's estate. The only income is $200 net rental income and a $8900 long-term capital loss carryover from 2010. There are no deductions on lines 10-15b of the 1041.

Must the rental income be distributed to beneficiaries, (The will does not require it) or can it be left in the estate to make use of some of the $600 exemption?

Does the carryover shown in block 11 of the K-1 get reflected on Schedule B of the 1041? How?
Submitted: 2 years ago.
Category: Tax
Expert:  R. Klein, EA replied 2 years ago.

Make sure that when you do the 1041, you indicate the GROSS rentals, then the expenses to get to the net. This is done on Schedule E

 

 

The trustee of the estate determines if the funds are distributed to the beneficiaries or not.

 

Box 11 of the K-1 is for the final year of the estate, so I am not certain what you are asking about. There should not be a carryover from the final year.

 

Customer: replied 2 years ago.
I know how to get the net rental income and have already done that.

This is a final 1041 so unused capital loss carryover gets passed to beneficiaries and shown as a type C deduction in Part III, line 11 of the K-1.

Right now I'm showing $200 on line 7 of Schedule B of the 1041. If the $200 is not distibuted, and the only entry shown in Part III of the K-1 is the capital loss carryover reported on line 11, What do I show on lines 10 and 11 of the 1041 Schedule B?
Expert:  R. Klein, EA replied 2 years ago.

I'm confused. If you have an amount as DNI on line 7, why would you NOT distribute it if this is the final return? The final return should close everything out.

 

Everything needs to be cleared out of the Estate on the final return.

 

R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 2880
Experience: Over 20 Years experience
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