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Hi, my name is ***** ***** and I have a question regarding deductions on a final 1041 for an estate.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Yes - I am the executor of my father's estate. The estate had no income in 2014 and the only asset remaining was his condominium. (All his other assets were designated TOD so any income from those assets went directly to the beneficiaries.) During 2014 and half of 2015 I had maintenance fees for the condo. The condo sold in 2015. My question is: can I deduct expenses incurred in 2014 on the final 1041 which I'll file this year. There was no federal or state estate tax due since the estate was under the limit for both entities.

Submitted: 2 years ago.Category: Tax
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2/11/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,334
Experience: Taxes, Immigration, Labor Relations
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If you are filing estate income tax return fer calendar year - expenses should be deducted in the year paid.
Thus if you filed separate 2014 and 2015 tax returns using form 1041 - you will deduct 2014 expenses on 2014 tax return and 2015 expenses on 2015 tax return.
But if you are using a fiscal tax year - you will deduct expenses paid ding that fiscal year.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

For fiscal year estates and trusts, file Form 1041 by the 15th day of the 4th month following the close of the tax year. For example, an estate that has a tax year that ends on June 30, 2016, must file Form 1041 by October 15, 2016. If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day.

For a decedent's estate, the moment of death determines the end of the decedent's tax year and the beginning of the estate's tax year. As executor or administrator, you choose the estate's tax period when you file its first income tax return. The estate's first tax year may be any period of 12 months or less that ends on the last day of a month. If you select the last day of any month other than December, you are adopting a fiscal tax year.

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