Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Taxpayer died in late May '17. She had established a trust…

Taxpayer died in late May...
Taxpayer died in late May '17. She had established a trust with her 2 daughters as beneficiaries. The trust was the beneficiary of her savings account and traditional IRA. Checking account balance went to her estate and has not generated any income at this time. Taxpayer's house was sold in November '17 for a net amount of $51,000 following realtor fees and other costs. Gross sales price was slightly less than appraised value. Since there was no income from the checking account and the loss on the sales of the house was small, does the estate need to file a tax return?/ If a return needs to be filed, can the tax year be June '17 thru April '18 / May 18 since the estate can soon be closed?? If a return is required, I would prefer to file just one return. Thanks.
Show More
Show Less
Ask Your Own Tax Question
Answered in 11 minutes by:
3/9/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
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

Ask Your Own Tax Question

The estate would not need to file a tax return if the gross income was less than $600 in anyone year.

The sale of the home would be excluded from income if the sale was the taxpayers primary residence for at least two out of the previous five years.

Please let me know if this has answered your question or if you have any additional questions.

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

Thank you!

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
2,164 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Employee has 1 dependent his gross income is $220.00 how
employee has 1 dependent his gross income is $220.00 how much fed taxes ss taxes, medicare, and state taxes comes out please break it down by dollars and cents please give me the net pay thanks … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I accidentally contributed to traditional IRA in addition to
Second opinion] I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed wh… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am 77 and unmarried, no children. My gross income is
I am 77 and unmarried, no children. My gross income is $3500. I understand that this means I do not need to file. Do I have to do anything? … read more
abci168
abci168
Principal
27 satisfied customers
In 2017 I tithe $8,000 (or 10%) of all of my gross income.
In 2017 I tithe $8,000 (or 10%) of all of my gross income. Also, in 2017 I purchased a home. With that said, my tax refund was only $4,000. Is tithing money refunded 100%? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I accidentally contributed to traditional IRA in addition to
I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed when I withdraw mo… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Using the 7.5% of gross income for out of pocket medical
using the 7.5% of gross income for out of pocket medical expenses, can I use any part of my assisted living rent? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Adjusted gross income of 79084, single, over 65. How much is
adjusted gross income of 79084, single, over 65. How much is my tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
A taxpayer converts a Traditional IRA to a Roth IRA and
A taxpayer converts a Traditional IRA to a Roth IRA and receives a 1099R for 68,333. Her basis in the Traditional IRA is 58,500. None of the 58,500 was deducted on her return as she participated in a … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Turbo tax says that we cant deduct an an traditional ira
turbo tax says that we cant deduct an an traditional ira because we made over 196,000 We didnt make that much. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Paid taxes on gross income claimed 2dependens 2017 did a
Paid taxes on gross income claimed 2dependens 2017 did a refi mortgage … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have Adjusted Gross Income of 4332., I had kind of a lean
I have Adjusted Gross Income of 4332. , I had kind of a lean year with me using some savings, I do not have a record of how much. It takes about 10,000 to help me through a year like this I do not kno… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Traditional ira contribution for 2016 got put as 2017
Traditional ira contribution for 2016 got put as 2017 contribution in error by custodian can I make them correct this error? If not I will have to amend 2016 return and pay taxes. I have no paperwork … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What if a 1099R wasn't received for a traditional IRA
What if a 1099R wasn't received for a traditional IRA because no distributions were taken. However, RMD should have been taken. Should the IRA information still be entered on the 1040 using the 12/31/… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am single and age 89.Gross income is 16,884.00 .received
I am single and age 89.Gross income is 16,884.00 .received fina distribution in a SEP ira I the amount of $117.35. Must I file??? Also, is there an age when someone o … read more
abci168
abci168
Principal
27 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My gross income is 92K, my net is 76k -- My question is if I
My gross income is 92K , my net is 76k -- My question is if I can start an ira account I( I am over 65 --68-- ) will it reduce my tax burde of 4900.00 as it is now . Married filing jointly. Wife is 70… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I converted $10k from my Traditional IRA to a Roth IRA in
I converted $10k from my Traditional IRA to a Roth IRA in December 2017. The goal was to pay taxes up to the 15% bracket. I ended up converting about $3500 too much and now need to recharacterize that… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I NEED MY 2016 ADJUSTED GROSS INCOME. I NEED GROSS INCOME TO
I NEED MY 2016 ADJUSTED GROSS INCOME JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I NEED GROSS INCOME TO FILE 2017 TAXS JA: Is there anything else … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x