Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Trying to figure out what happens with a 1041 estate return…

Trying to figure out...

Trying to figure out what happens with a 1041 estate return when one of the beneficiaries dies.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

A client passed away leaving rental property to be split 50% to wife, 25% to each of his 2 daughters. Approx 60 days later, the wife passed away. Do I then change the name of the beneficiary to the Estate of the wife and change ID #. That seems weird

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Not really

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 1 month ago
The beneficiary of the wife are the two daughters.
Answered in 9 minutes by:
3/16/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
Experience: Taxes, Immigration, Labor Relations
Verified

The the beneficiary dies AFTER - the estate of that beneficiary will takes place of that beneficiary.

So - in your situation - wife's estate will be the beneficiary.

Your have correct understanding - you will use wife's estate as a 50% beneficiary of husband's estate

and will file separate 1041 form for the wife's estate.

However - they will transfer the title directly to daughters unless they will decide differently.

Let me know if any clarification needed.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
The return I file 12/31/17 for the decedent will list the wife as the beneficiary (she was still alive at that time) but then next year's return will list the estate of the wife... Is there a form to submit to the IRS when I change the beneficiary on husband's 1041 ?

There is no specific form for income tax purposes.

That may be not happening too often - but the IRS system will determine that beneficiary changed to the estate.

That will not create any issued with your filing.

However K1 will be issued to another estate.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thank you so much. Got it!

I appreciate your rating.

If you do not mind ?

I see an old conversation without rating

I appreciate if you go back and leave a rating - so I will be credited?

https://professional.justanswer.com/chat/index/0a86386ddc68490d9d8180f23a6856ce

Ask Your Own Tax Question
Customer reply replied 1 month ago
I would love to, but cannot connect to the link...
Ask Your Own Tax Question
Customer reply replied 1 month ago
That link worked fine. Wow. I forgot all about the question. Thanks again.FYI When I went into my tax program (CCH) and completed beneficiary information there is a box to check beneficiary’s final return but not the Estate’s final return. So next year I will be fine to file with Estate name now.Nancy

That will be OK if there will be nothing to pass to beneficiaries.

But if the estate has any deductible expenses - you will still issues K1s to beneficiaries to pass these deductions.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Oh yea . I will only final the wife who died and next year put her estate in. I guess it is my way of putting IRS on notice about her death...thanks. Have a good week-end
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
32,692 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev 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
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
Lev
Lev
Tax Advisor
32,692 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
If I am filing an ez1040 form can I deduct my property
If I am filing an ez1040 form can I deduct my property taxes? Or is only if I'm using the long form? And is there a fee for this service? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
Lev
Lev
Tax Advisor
32,692 satisfied customers
Finally filing 2016 income tax returns. Filing as "married
Finally filing 2016 income tax returns. Filing as "married filing separate return". Did not live with spouse at all in 2016. What is she on my return: an exemption? a dependent? an alimony expense onl… read more
abci168
abci168
Principal
27 satisfied customers
For 2018, what is the income limit to be able to deduct
for 2018, what is the income limit to be able to deduct rental losses … read more
Lev
Lev
Tax Advisor
32,692 satisfied customers
Are beneficiaries required to report K-1 credits on the Form
Are beneficiaries required to report K-1 credits on the Form 1040, or is at our discretion? I'm using TAXACT software. The Form 1041 K-1 Final Year Deductions only shows credits on Line 11 A and C. Th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax deductions. Can i deduct the conversion on my income
tax deductions JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: can i deduct the conversion on my income taxes JA: Is there anything else the Accountan… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
156 satisfied customers
The IRS is questioning my deduction to travel to an office
Hi, the IRS is questioning my deduction to travel to an office where I have a private practice on the weekends. My regular job is as a social worker in a medical clinic. My weekend self-employment is … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
How does IRS return an unsigned tax form? How does IRS
Hello How long does IRS return an unsigned tax form? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
2015 returns- filing head household-itemizing deductions 2
2015 returns- filing head household-itemizing deductions 2 loans for tools paid on that year for business expense-25k-can I claim lump some for that year? 1 loan paid on house mortgage for employee to… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
BENEFICIARIES OF A SIMPLE TRUST, SOLD RENTAL PROPERTY WITH A
BENEFICIARIES OF A SIMPLE TRUST, SOLD RENTAL PROPERTY WITH A GAIN AND ORDINARY INCOME FROM DEPRECIATION RECOVERY. HOWEVER K-1s SHOW NO AMOUNTS TO REPORT. THERE IS A FEDERAL TAX BALANCE DUE FOR THE TRU… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
Lev
Lev
Tax Advisor
32,692 satisfied customers
If I donate a rental property to charity can I deducted the
If I donate a rental property to charity can I deducted the fair market value? If yes How old can my professional appraiser report be? … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
Lev
Lev
Tax Advisor
32,692 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