How do I nominee cap gains distributions from a deceased client's personal return to his estate?

Forum|Forum|5 years ago
April 29, 2021
5 replies
42 views

Dividends and capital gain distributions on a 1099 have his SSN but need to be moved to an estate return.

ProSeries Professional

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Best answer by TaxesRFun

I think you'll have to make the adjustment for that as a Sch D entry with the description Nominee Cap Gains to EIN XX-XXXXXX with a Sale of zero and the adjustment as the basis....or maybe someone else has a different way.

OK, thanks very much; I had thought of that just wondered if there was a cleaner way.

Thanks for your help.

Just-Lisa-Now-

Intuit Community Champion

If you double click on the dividend entry line on the 1040 Sch B, you'll get a page that you can select Nominee Adjustment, that deducts from the 1040 then you can just enter it on the 1041.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxesRFunAuthor

Level 2

OK, thanks. But I need to nominee the capital gains distributions and not the dividends.

Just-Lisa-Now-

Intuit Community Champion

I think you'll have to make the adjustment for that as a Sch D entry with the description Nominee Cap Gains to EIN XX-XXXXXX with a Sale of zero and the adjustment as the basis....or maybe someone else has a different way.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

I haven't seen any CP-2000 notices issued to decedents so I wouldn't worry about it too much. Just don't enter the post-death transactions in the first place. There may be an issue on a joint return, especially with CGD's that come late in December. The survivor should have sold the funds to avoid phantom income, but too late for that now.

Slaves to 1099's, Unite! You have nothing to lose but little pieces of paper.

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