estate tax

Forum|Forum|5 years ago
April 15, 2021
3 replies
16 views

Does a estate tax return need to be filed if only a house was sold to close the estate?

ProSeries Professional

This topic has been closed for replies.

IRonMaN

Level 15

A 1099 was most likely generated from the sale so I think you would want to prepare one rather than deal with notices down the road.

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

the beneficiaries may have some gain or loss to include from the sale on their return as well.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

jeffmcpa2010

Level 10

Are you talking about an "Estate Tax Return" (706), or an "Estate Income Tax Return (1041)"

The more precise the question, the more likely the answers are to be usable.

T

taxman40Author

Level 2

I am filing a 1041. Its because the estate sold the decedents home. Im also trying to use the section 121 exclusion so their will be no capital gain. Do you know the correct way to override the program to accomplish this. Thanks!

J

jeffmcpa2010

Level 10

What was the time period between the Date of Death, and the date of sale - That would be the only appreciation that is taxable, as the estate should have received a step up basis in the property to FMV as of Date of Death.

I don't believe section 121 is available.

Sign up

Login with SSO

Let's get you signed in

Login with SSO