House sale by executor of estate

[bethbrake]

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

[sjrcpa · Accepted solution]

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.

[IRonMaN]

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

[IRonMaN]

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.

[bethbrake]

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]

Yes and yes