House sale by executor of estate

Forum|Forum|6 years ago
December 7, 2019
2 replies
13 views

I know inherited assets are long term when sold by the beneficiary. What about assets sold by the executor before the property is "inherited?"

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

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.

sjrcpaAnswer

Level 15

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

Sometimes a person needs to read these posts twice. But then again, sometimes it takes three of four times

Slava Ukraini!

IRonMaN

Level 15

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!

B

bethbrakeAuthor

Level 3

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?

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