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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4193
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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My dad passed away in September of 2012. How do I go about

Customer Question

My dad passed away in September of 2012. How do I go about filing a tax return form 1041 without having a w-2. He was receiving a retirement pension from the United States Post Office.
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G. :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G. :

Why would you file a 1041? Have you filed his final 1040?

Stephen G. :

What type of assets did he have; was the title to any of them in his name alone?

Stephen G. :

Hello?

Customer:

No. I went online to get an EIN number from the IRS so I would be able to open an Estate Account for my Dad. They sent me a notification that a 1041 needs to be filed by 8/13/13. He has a piece of property in Vestaburg, Michigan and he had a savings account in Edmore, Michigan that I have since closed with the amount of $ 4,632.76.

Stephen G. :

What is the piece of property? Rental property, his residence? What? Is it generating any income?

Customer:

His name was only on the deed to property and on his savings account.

Stephen G. :

What is the property?

Customer:

There is no structure on the property. Structure was condemned and removed. This is a residential property.

Stephen G. :

So, at this point it is just an empty parcel & it isn't generating any income?

Customer:

Yes.

Stephen G. :

It doesn't sound like you have anything to report on a 1041. Have you prepared his final 1040 for the period 1/1/2012 - through his date of death as yet?

Stephen G. :

How many heirs are there? Do you have any siblings?

Customer:

No. I'm not sure how to go about doing this. I was hoping to be able to do something when we filed are taxes, however tax preparer was unable to help us. Here are 2 of us. My sister and myself.

Stephen G. :

Who did you father's tax returns in the past?

Customer:

I do believe he did his own taxes.

Stephen G. :

Do you have a copy of his 2011 tax returns or do you know where to look for them?

Stephen G. :

Did he have a will? Are you his Executor or Personal Representative appointed by the Court?

Customer:

I only have his 2011 CSA Form 1099R. No copies of tax returns. He had no will. And I am the Court appointed Personal Representative.

Stephen G. :

Well, do you think he filed his 2011 tax returns?

Stephen G. :

Are you still typing? Please hit enter.

Customer:

I do believe he did.

Stephen G. :

Well, I suggest you engage a local CPA to prepare his final Form 1040 for 2012. He or She can request a copy of his 2011 tax return from the IRS. The CPA will need a copy of your appointment as Personal Representative and you'll have to sign a Form 2848 for the CPA so he can represent you in order to get copies of your Dad's 2011 returns.

Stephen G. :

There's no need to file a Form 1041 as the Estate has no income to report. The CPA can inform the IRS of this or answer any inquiry from them as to where the 1041 filing is.

Customer:

Thank you for your help.

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4193
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and other Tax Specialists are ready to help you
Expert:  Stephen G. replied 1 year ago.
Also, if you haven't already done so, you'll have to engage an attorney in the same area as the residential lot in order to clear that title. It would probably be a good idea for the CPA to follow-up on that for you also to make sure you and your sister get clear title to the property. Your tax basis (cost) is equal to the fair market value of the property at your Dad's date of death. If you sell the property, it will be a long-term capital gain as it doesn't matter how long you actually own the property as when you inherit something, it is always classified as long term.

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Stephen G.
Stephen G.
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Extensive Experience with Tax, Financial & Estate Issues