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I am the administrator of my father's estate and sold his…

I am the administrator...

I am the administrator of my father's estate and sold his home, putting the funds in the estate account. When I file the 1041 for estate taxes, do I have to include that sale? Since it sold for less than the appraised value, can I use the loss to offset the income from the interest received on the sale of US Savings Bonds that were in the estate?

Accountant's Assistant: Estate laws vary by state. What state are you in?

Georgia

Accountant's Assistant: What documents or supporting evidence do you have?

I have a 1099-INT from the department of the treasury for the savings bonds, a 1099-S from the law firm that handled the closing on the home, and a copy of the appraisal obtained prior to the sale.

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Answered in 2 minutes by:
3/9/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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If the property was personal property then you are not able to deduct the loss against other income.

Below is a link to IRS.Gov with further information.

https://www.irs.gov/newsroom/what-if-i-sell-my-home-for-a-loss

"Losses from the sale of personal–use property, such as your home or car, are not deductible. It is not eligible for the capital gains loss of up to $3,000 annually. For more information, see About Publication 523, Selling Your Home."

Please let me know if you have any follow up/additional questions.

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Customer reply replied 1 month ago
Do I still need to claim the sale on the 1041?

You would only need to file the 1041 if the interest income your fathers estate received was $600 or more.

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Total income of $600 or more. Not including the 1099 S

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Customer reply replied 1 month ago
It was $2,777.00

Then yes, you will have to file a 1041.

Here is an additional link to assist you in filing the 1041

https://www.irs.gov/businesses/small-businesses-self-employed/deceased-taxpayers-filing-the-estate-income-tax-return-form-1041

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I am happy to answer any follow up/additional questions you may have.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 1 month ago
Thanks so much for your help and the link.

Not a problem.

If you have any questions while you go over the information please let me know

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Category: Tax
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