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My dad died in August 2016. I filed his 2015 and 2016

My dad died in...

My dad died in August 2016. I filed his 2015 and 2016 federal and sc state taxes Income in 2017 of $2100 was from rental income from a House we sold in March 2017. We also sold his main home which was flood damaged from 2 storms and uninhabitable from water damage at a loss of $100,000. I received a sc 1099 g/int from a tax refund of $420.00 and 1099 misc from the rental income. Do I need to file a 2107 federal and sc state income tax?

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Answered in 1 minute by:
3/17/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Yes, if more than $600 is received after the date of death. you'll need to file an IRS form 1041 (Income tax return of an estate).

...

See this from IRS. (here: https://www.irs.gov/businesses/small-businesses-self-employed/deceased-taxpayers-filing-the-estate-income-tax-return-form-1041)

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"When someone dies, their assets become property of their estate. Any income those assets generate is also part of the estate and may trigger the requirement to file an estate income tax return. Examples of assets that would generate income to the decedent’s estate include savings accounts, CDs, stocks, bonds, mutual funds and rental property. IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income."

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Customer reply replied 4 months ago
Does the selling price of the 2 homes need to be reported as income?

The South Carolina fiduciary exemption for a resident estate or trust is the same amount of exemption allowable for federal income tax purposes./

...

The rental house for sure ... (likely there was a 1099-S sent to IRS).

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There would be no gain on the residence, so unless it was reported (1099-S) no need to report there

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Customer reply replied 4 months ago
Thank you for your help

You're very welcome ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!

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Thank you,

Lane

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Did you have other questions? Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

But again, let me know if you need more here,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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