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The first year of the decedent's estate there is $3,031 of
The first year of the decedent's estate there is $3,031 of dividend income and there is a $7,250 Net long term Capital loss. Does the Fiduciary have to distribute the dividend income to the beneficiar… read more
Lev
Lev
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I distributed my uncle's estate. He had no income, just the
I distributed my uncle's estate. He had no income, just the sale of his house at a loss. In filing K-1's for the recipients, what box should I enter their part of the inheritance? … read more
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The estate sold stock and realized a capital gain. Shares in
The estate sold stock and realized a capital gain. … read more
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I am filing a form 1041 on the sale of my deceased father's
I am filing a form 1041 on the sale of my deceased father's cabin. There are 6 beneficiaries and the proceeds were decided evenly.The basis was $600,000 and the gross sale price was $525,000.… read more
Lev
Lev
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My client's dad passed on aaUGUST 4, 2017. He had a home
My client's dad passed on aaUGUST 4, 2017. He had a home worth $425,000 and $208,000 in the bank. No estate returns have been filed although the estate attormey obtained an EIN for the estate. ON 4/16… read more
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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
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I have prepared the Form 8949 reporting the sale of a
I have prepared the Form 8949 reporting the sale of a estate's fractional interest in a house, the other fractional owners are the residual beneficiaries. Sales proceeds minus the (stepped up basis pl… read more
Lev
Lev
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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
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I filed an initial 1041 estate return. There was 9,000 of
I filed an initial 1041 estate return. There was 9,000 of capital losses on stock sales. In 2016 I am filing the final 1041. Should the full 9,000 of capital losses be distributed via form k-1 or will… read more
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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
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An estate sold the deceased's principle residence and
an estate sold the deceased's principle residence and incurred a loss on the sale. Will the beneficiaries be able to claim a share of the loss on their individual income tax return?… read more
Lev
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Trust has $8,000 in ord div ($7,000 qualified) and NSTCL -400
Trust has $8,000 in ord div ($7,000 qualified) and NSTCL -400 and NLTCL -$18,000. What should Form 1041 and Sch. K-1 to the beneficiary (individual) look like when complete? I am confused.… read more
Lev
Lev
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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
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Bachelor's Degree Equivalent
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Have to prepare K-1 for my mothers trust. Trust consisted
Have to prepare K-1 for my mother's trust. Trust consisted of a farm that was sold in 2010. The procedes were put in savings account until Grantor's spouse died. Grantor's spouse died in 2011, money w… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Im working on the final 1041 for moms estate. The only income
I'm working on the final 1041 for mom's estate. The only income is $200 net rental income and a $8900 long-term capital loss carryover from 2010. There are no deductions on lines 10-15b of the 1041. M… read more
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form 1041 & K-1 reporting. Line 9 total income is $5,363
form 1041 & K-1 reporting. Line 9 total income is $5,363 which includes a capital loss of $836. Deductions of $82 - Adjusted total income of $5,281 on line 17 When I add the capital loss back on Sched… read more
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A person dies in April 2006 leaving a will and assets. What
A person dies in April 2006 leaving a will and assets. What federal tax forms are filed, would it be 1040 for January thru April and then a 1041 for the estate covering April thru December? If more th… read more
Lev
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Bachelor's Degree Equivalent
31,392 satisfied customers
If an estate has $699.00 in interest income and no other ...
If an estate has $699.00 in interest income and no other income (other amounts are cash accounts, etc.) and there are attorney fees approximately $5,000, would this be reported as a loss on the 1041 f… read more
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