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Decedent died in 2009. Reverse mtg was paid in full by
Decedent died in 2009. Reverse mtg was paid in full by estate in 2014. The estate also manages an apt building with profit of $30k in 2014. The reverse mtg interest was $80k. What happens to the exces… read more
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My siblings and I are preparing a form 1041 for the first
My siblings and I are preparing a form 1041 for the first year. The only income and expenses are from a Schedule F. It shows a loss but the software we are using does not carry it to the 3 K1's. I tri… read more
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How to handle loss for line 22, of $1302. Form 1041, for final
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I am a mortgage loan originator. I am currently working with
I am a mortgage loan originator. I am currently working with a client who has 25% ownership in an scorp. The company experienced a $160k loss last year. My client's k-1 $40k loss was not filed on his … read more
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Line 22 of the 1041 shows a negative figure - NOL. Must I
Line 22 of the 1041 shows a negative figure - NOL. Must I go back to deccendents previous years or can I distribute that amount equally on the K-1?… read more
Lev
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I file a 1041 for a trust each year. Last year the total income
I file a 1041 for a trust each year. Last year the total income was ($926) and the income distribution deduction was $532. This negative income was from a capital loss. - I didn't take a standard dedu… read more
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The instructions for K-1 say do not include a short term loss
The instructions for K-1 say do not include a short term loss on Line 3. What do I do with it? Is it not part of DNI?. I want to distribute all of DNI to the heirs. Is there some place on Form 1041 th… read more
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I had rental property in a trust (Im the beneficiary) we have
I had rental property in a trust (I'm the beneficiary) we have suspended losses and the property sold at a substantial loss. The trust is now terminated what happens to the losses… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I Have a question about filing a 1041 estate return with a
I Have a question about filing a 1041 estate return with a schedule C loss. As the estate will remain open through at least 2015, I understand that I cannot distribute this loss to the beneficiaries. … read more
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I have a client who has a trust that has a net operating loss. Are
I have a client who has a trust that has a net operating loss. Are to losses available for carry forward similar to business losses? If so for how may years?… read more
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I am Trustee of a Trust where the parent has died in 2008.
I am Trustee of a Trust where the parent has died in 2008. In the Trust is a small rental property. I had a 2012 NOL for the rental in the amount of about $7000, primarily for refurbishing after a bad… read more
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My mother passed in 2005. She had a revocable trust. My father
My mother passed in 2005. She had a revocable trust. My father filed 1041 for the trust each year. my father passed on Monday 1/3/2011. (Note Jan 1 & 2 were weekend days. there was nothing to report f… read more
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I am filing a form 1041 and attaching schedule E reporting
I am filing a form 1041 and attaching schedule E reporting a rental loss, which will not be distributed to beneficiaries by not filing form K-1. Question is how to report non distribution loss on Form… read more
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Preparing form 6198 At Risk Limitations for Form 1041. I have
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form 1041 & K-1 reporting. Line 9 total income is $5,363
form 1041 & K-1 reporting. Line 9 total income is $5,363 which includes a capital loss of $836. Deductions of $82 - Adjusted total income of $5,281 on line 17 When I add the capital loss back on Sched… read more
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I prepare the tax return for a Trust on a form 1041. Until
I prepare the tax return for a Trust on a form 1041. Until last year it was very straight forward since only taxable income was realized. Last year the Trust incurred a NOL which I have carried forwar… read more
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1. what is the income tax rate for income distributions from
1. what is the income tax rate for income distributions from trust (its irrevocable and used to pay college 2. How much do we have to pay in quarterly income tax for trust 3. What is cumulative gain/l… read more
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Lev
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Bachelor's Degree Equivalent
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If an estate has $699.00 in interest income and no other ...
If an estate has $699.00 in interest income and no other income (other amounts are cash accounts, etc.) and there are attorney fees approximately $5,000, would this be reported as a loss on the 1041 f… read more
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