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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.
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Answered in 11 minutes by:
3/9/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
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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.

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Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,620
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