s_applegate
Level 1
02-27-2021
11:44 AM
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1st time user of Lacerte and trying to complete a final 1041 with 2 beneficiaries. The only asset disposed of is property which was acquired by the estate Jan. 2020 and sold Oct. 2020 for $270,000 as stated on a 1099s. No appraisal was done and this was the listed price. Would this be both the sales price and cost or basis? They also had sales expenses that I itemized on the worksheet. When I enter it this way, the K-1's show 11E & 11F as $10,280. The beneficiaries actually received cash in the amount of $243,000 at 50/50 which was the proceeds. Do I leave it as the $10,280 or do I need to manually change it to $121,500?
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