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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- DO you have to file a 1041 if the only income was the home sale at a loss?
DO you have to file a 1041 if the only income was the home sale at a loss?
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acubooks
Level 1
05-19-2022
11:14 AM
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I have 2 customers that have their decedents trust to finalize.
1099-S for home sale on one has no income on the Proceeds box.
Other was not issued, just escrow papers.
No other income.
Is there a reason to file the 1041 in these circumstances? loss not allowed for the beneficiaries.
thank you
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2 Comments 2
sjrcpa
Level 15
05-19-2022
11:20 AM
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"1099-S for home sale on one has no income on the Proceeds box. " That's weird
"Other was not issued, just escrow papers." I wouldn't be so sure it wasn't issued.
"loss not allowed for the beneficiaries." Why not?
The more I know, the more I don't know.
Just-Lisa-Now-
Level 15
05-19-2022
12:12 PM
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If youve got escrow papers, whos name was it sold in? That person didnt get a 1099S? Id venture to guess a 1099S was issued to someone showing the gross proceeds, they may just not have brought it to you..
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
