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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 721
Experience:  Certified Public Accountant
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My aunt died May 24, 2015. The PR of the estate used fiscal

Customer Question

My aunt died May 24, 2015. The PR of the estate used fiscal year for tax purposes. May 24, 2015 thru April 30, 2016. I was a beneficiary of the estate and $6,000 of the money I received was taxable. I received my money in March 2016, after the 8 month waiting period for claims against the estate. The income tax liability was passed to me to pay. I didn't receive the K-1 form until July after the PR filed the income tax return. Eventhough I didn't get the money until 2016 and the fiscal year end on the taxes was in 2016, the K-1 says 2015. I filed my 2015 return before I got the money. Do I have to file an amended tax return for 2015 or do I report the income in 2016??
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 2 months ago.

You would go by the year end of the estate. So the information from the K-1 would be reported on your 2016. So now need to amend :)

Expert:  Mark Taylor replied 2 months ago.

​I hope you found this information to be beneficial. If this answered your question please take a moment to rate my response. A rating is need for me to receive credit for helping you today. The rating bar is located near the top of the page.

Expert:  Mark Taylor replied 2 months ago.

Please let me know if you have any questions or need clarification. I am happy to help.

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