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I have 3 questions in the area of fiduciary 1041 income tax
I have 3 questions in the area of fiduciary 1041 income tax returns … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
Lev - Fam Rev Trust Yes - we may make section 645 election
Lev - Fam Rev TrustYes - we may make section 645 election for the trust if needed.Question on the 1041 What type of Entity is selected?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
I am filing a Form 1041 for my deceased MIL Rvoc Trust. I am
I am filing a Form 1041 for my deceased MIL Rvoc Trust. I am making the 645 election. Do I just mark the "Decedent's Estate" but list the Name of the Estate or Trust as "__ Rvoc Living Trust"? Also, t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
Lane, Here is the situation: a QTIP has capital loss
Lane, Here is the situation: a QTIP has capital loss carryfwds. the QTIP terminated in 2017 due to the death of the beneficiary. As I understand, the QTIP assets become assets of the beneficary's esta… read more
taxmanrog
taxmanrog
Master's Degree
1,355 satisfied customers
I have final 1041 with capital gains and rental losses. Th
i have final 1041 with capital gains and rental losses . Th gains and losses are netted on 1041 . ONLY The capital gains is still showing up on Kl. Does it not amount to double taxation? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,865 satisfied customers
On Form 1041 for my late mother's initial estate return,
On Form 1041 for my late mother's initial estate return, there is a $9,000 capital loss on the sale of her real estate, limited to $3,000 in the initial year. This is the last asset. Do I file a final… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
My mom passed away 10/18/15. Most of her assets are in a
My mom passed away 10/18/15. Most of her assets are in a trust in a brokerage account. I am trustee. total assets are less than 1M. The trust is in her SS# ***** are the tax returns I file each year (… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
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
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
This is a revision of a previous question. I am the trustee
This is a revision of a previous question. I am the trustee of a NY State complex trust. The 1041 tax return requires calculation of the trust accounting income and DNI, which may be different. Apart … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
The father of a friend of mine died in 2009 and he had his
The father of a friend of mine died in 2009 and he had his living trust as his IRA beneficary. My friend had the trust moved to a beneficary IRA trust. She (my friend) is taking RMD each year. My frie… read more
socrateaser
socrateaser
1,455 satisfied customers
I am the trustee for my parents revocable trust...
I am the trustee for my parent's revocable trust. Dad died in 2003, and mom in 2010. By the terms of the will, the value of the house was to be divided between my two brothers and my one sister accord… read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
My mother had a revocable living trust with me named as Co-trustee;
My mother had a revocable living trust with me named as Co-trustee; she died in 2011 and I became the Successor Trustee. Because it was a living trust, I plan to file a 1040 for her and a separate 104… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
As I mentioned I am the beneficiary/trustee of my deceased
As I mentioned I am the beneficiary/trustee of my deceased wife's trust. prior to 2011,I reported interest income of my deceased wife's residuary trust as a simple trust on Form 1041 and K-1, then fol… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
Upon my husbands death in 1986 a Testamentary Trust was created
Upon my husband's death in 1986 a Testamentary Trust was created out of his will, and stock deposited into this trust. In 2011 I sold such stock for a capital gain of about $ 465,000.00. I would appre… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
If the decedant estate has 1099 income, dividends and capital
If the decedant estate has 1099 income, dividends and capital gains in 2009 I know I need to file a 1041 Estate Income Tax Return form the date of death until 12/31/09. In addition, I need to file a d… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
We are one of the beneficiaries of a relatives estate (who
We are one of the beneficiaries of a relative's estate (who died last March). The estate tax has already been filed. If the estate trust sells the assets(stocks) before distributing them to the benefi… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Five siblings (equal trust beneficiaries) inherited ...
Five siblings (equal trust beneficiaries) inherited mother's personal residence held in living trust; FMV @ death $370K (our stepped-up basis); sold 3 months later; arm's length quick sale $328K (to a… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am completing a 1041 and have determined the captial ...
I am completing a 1041 and have determined the captial gains and it is going to the beneficary and this is an trust and the final since the grantor is deceased. The asset under the trust was a residen… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
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