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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I am trustee mothers estate, we are selling her mobile

Customer Question

I am trustee for my mothers estate, we are selling her mobile home, the money will be split between my siblings and I. My question is the check is going to be made out to me not the estate, is this going to cause me a problem when I file next year?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
That will NOT create any issues unless the title company will issue any reporting form in your name and not in the name of the estate.If that will happen - you will need to attach a note to your tax return with explanation of facts.Otherwise - you will need to report the sale transaction on the estate tax return - form 1041.Because inherited assets have so-called stepped up basis equals to the fair market value at the time the decedent passed away - and assuming the property is sold shortly after - you woudl not have any gain and most likely will have a small loss which will be passed to beneficiaries on K1.Let me know if you need any help with reporting.
Customer: replied 6 months ago.
thank you
Expert:  Lev replied 6 months ago.
If you will have any reporting forms in your name - be sure to come back to the same page and I will help you with handling such situation.Otherwise...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.