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My father created a trust for me upon his passing. It was a
Hi,My father created a trust for me upon his passing. It was a revocable trust that became irrevocable upon his death. Certain commercial properties in the estate are throwing off income which my uncl… read more
Dr. Fiona Chen
Dr. Fiona Chen
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Probate Question -When are you required to file federal
Probate Question -When are you required to file federal estate tax return? Real property involved … read more
Lane
Lane
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I'm trying to figure out if I need to file an estate tax
I'm trying to figure out if I need to file an estate tax return. My father passed in Sept. 2018 and I just sold his home on 5/3/19 other than that the state's income was only roughly $450.00 … read more
Lane
Lane
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I am confused with Decedent Estate return versus trust
i am confused with Decedent Estate return versus trust return as Trustee..what is the difference. … read more
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I've read you can choose to file the 1041 on a fiscal year
I've read you can choose to file the 1041 on a fiscal year rather than calendar year basis. Is this related to the 645 election?… read more
Lev
Lev
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I am doing the 1041 for a simple trust.. Each year the trust
I am doing the 1041 for a simple trust.. Each year the trust does not pay taxes as the beneficiaries are given a K-1 to put in with their taxes..it says enter the portion of your short-term capital ga… read more
Lane
Lane
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My wife is the Trustee of her Mother's revocable trust. Her
My wife is the Trustee of her Mother's revocable trust. Her Mom passed away in September 2018. The trust has a value of $178,830.87 and will be distributed in 2019. The lawyer indicated that my wife n… read more
Lane
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I am a successor trustee of my deceased mother's trust. A
I am a successor trustee of my deceased mother's trust. A condo, which I just sold at a loss, was the only item in the trust. I need to know how to report this on a 1041 and how my sister (the other b… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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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
Barbara
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A friend's mother passed away during 2018 leaving IRA money
A friend's mother passed away during 2018 leaving IRA money with no beneficiary on the account, so the IRA money went into an estate account. Due to timing of the distribution into the account in 2018… read more
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I have a question about a trust tax situation. A deceased
I have a question about a trust tax situation. A deceased person created a irrevocable trust that passed on the property of her residents to her beneficiaries. The property was sold for a gain and the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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IRS Tax Questions: 1. What happens to suspended capital
IRS Tax Questions: 1. What happens to suspended capital losses when someone dies and there is no estate return? Are they lost? Please provide IRS references and articles. 2. Please explain the rules f… read more
Lane
Lane
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Doctoral Degree
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I am preparing 1041 return for my mother's estate and I have
I am preparing 1041 return for my mother's estate and I have some questions … read more
Dr. Fiona Chen
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Mid year 2015 both trustees of trust passed away. EIN was
Mid year 2015 both trustees of trust passed away. EIN was issued Mid September 2015 and stated 1041 to be filed on 12/16/2015. There is an extension on the 1041. Question, is the income divided from b… read more
Dr. Fiona Chen
Dr. Fiona Chen
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On a decedent trust tax return 1041, are funeral expenses and
On a decedent trust tax return 1041, are funeral expenses and beneficiary travel costs deductible?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Relating to my first paid question... when the trust files
Relating to my first paid question... when the trust files its return 1041 and shows income of $44641.81, would the same deductions apply that were filed with the state of indiana on their estate deat… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Where do I put 1099-R income from an annuity for my deceased
Where do I put 1099-R income from an annuity for my deceased father's trust on form 1041? I see no specific place to enter the payer's information. Also, should I choose the form 8855 election to trea… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,029 satisfied customers
My father stated in his will that a trust would be created
My father stated in his will that a trust would be created at his death and that all his assets would be distributed to the beneficeries through the trust. Is there an amount that is tax exempt in thi… read more
jgordosea
jgordosea
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