bethbrake
Level 2
12-07-2019
02:18 AM
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I know inherited assets are long term when sold by the beneficiary. What about assets sold by the executor before the property is "inherited?"
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sjrcpa
Level 15
12-07-2019
02:18 AM
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The estate inherited the assets from the decedent. If you got a 1099-S for the sale of the house, it should be reported on the 1041 for the estate. The Executor is responsible for filing the 1041.
The more I know the more I don’t know.
IRonMaN
Level 15
12-07-2019
02:18 AM
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Sometimes a person needs to read these posts twice. But then again, sometimes it takes three of four times
:smile:
Slava Ukraini!

Slava Ukraini!
IRonMaN
Level 15
12-07-2019
02:18 AM
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Unless you have a houseful of Picassos and Rembrandts, that stuff doesn't normally get reported anywhere since there typically isn't any gain involved.
Slava Ukraini!
bethbrake
Level 2
12-07-2019
02:18 AM
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No I meant for the sale of the actual house by the estate and NOT the beneficiary be considered "inherited" and therefore automatically qualify as a long term sale? Can an estate actually inherit property?
sjrcpa
Level 15
12-07-2019
02:18 AM
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Yes and yes
The more I know the more I don’t know.
The more I know the more I don’t know.