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An irrevocable trust was set up in Dec 2017 and my mothers
An irrevocable trust was set up in Dec 2017 and my mothers house was transferred to the trust in January 2018. The irrevocable trust sold the house in December 2018. What is the tax basis for income t… read more
Stephen G.
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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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How much taxes do I have to pay on $603,000 parent died and
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My siblings and I are trying to sort out the IRS tax forms that need to be filed regarding the selling of our parents house. My father … read more
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I am preparing a 1041 for a revocable trust that becaming irrevocable
I am preparing a 1041 for a revocable trust that becaming irrevocable on 6/3/2013 when my father passed. We were renting the house out until 9/30/2013 so had a passive rental loss that I distributed b… read more
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This is all taking place in Virginia. I am the trustee of my
This is all taking place in Virginia. I am the trustee of my fathers trust which consists of about $130K from the sale of his home before he passed which resides in a checking account named "The trust… read more
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I am executrix of my mothers small estate. She lived in Ocean
I am executrix of my mother's small estate. She lived in Ocean County, NJ and died 1/8/2010. (I reside in Maine). Her condo has finally sold--at a loss. All estate debts are paid and I am about to clo… read more
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This question is in reference to claiming a loss for the sale
This question is in reference to claiming a loss for the sale of my father's house. The value of the house at time of death was $69,510 more than what we sold the house for 10 months after he died (pe… read more
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I year ago all my fathers assets were put in a trust. He passed
I year ago all my fathers assets were put in a trust. He passed away about 2 months later. I recently sold his home for $ 175,000.00. Am I liable for capitol gains on this since I was the executor of … read more
socrateaser
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My mother passed away Feb. 7, 2010. My father passed away
My mother passed away Feb. 7, 2010. My father passed away Aug. 27, 2009. I filed 2009 Federal and Calif. State taxes for them. I was appointed executor (and I'm also a beneficiary living in Virginia) … read more
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My father died 29 Dec 2009. (My mother died in 2008). My brother
My father died 29 Dec 2009. (My mother died in 2008). My brother and I were named as trustes in a living trust. We field taxes for my father for 2009. The estate earned no income from 29 Dec 2009 to 3… read more
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I have 5 siblings. Father died Feb 2009. Sister is Executrix.
I have 5 siblings. Father died Feb 2009. Sister is Executrix. We rented his house for a few months and made about $1800. I know we have to show that in the 1041. Do we have to worry about any sch Ks f… read more
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My wife recieved cash payments in 2008 from her parents estate.
My wife recieved cash payments in 2008 from her parents estate. Primarily this was the proceeds from the sale of their house after their death, these proceeds went into a trust set up by her parents m… read more
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My mother died in Sept. 2007, my father had already passed ...
My mother died in Sept. 2007, my father had already passed away. The estate was left to their 5 children. As executor I distributed $2,000 to each of the 5 siblings at the end of Dec. 2007. There was … read more
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My husband is a beneficiary of his fathers estate; he ...
My husband is a beneficiary of his father''s estate; he died last year. He is entitled to 1/6 of the trust. Should he have received a schedule K-1 for money distributed out of the trust? and the sale … read more
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Does estate owe capital gains tax, and if so what is the rat
Our fathers house in New Jersey was sold to one of our siblings 13 years after our dad's death. This sibling was paying most if not all of the expenses over these years. The home was sold to him for $… read more
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My wife and three siblings inherited their fathers estate ...
My wife and three siblings inherited their fathers estate in 2006 and sold it in 2007. The father would have owed capitol gains tax. Do the siblings owe the capitol gains tax that there father would h… read more
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4 BeneficiariesOne beneficiary retains the house amd ...
4 Beneficiaries One beneficiary retains the house amd transfers title to herself; paying other 3 their equal shares. Say appraisal price of $365,000 - so each gets $91,250. Beneficiary buys the other … read more
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