How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29781
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year 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 1 year ago.
thank you
Expert:  Lev replied 1 year 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.