This is an initial and final 1041 decedents estate YE 3/31/23. All assets were disposed of during the year with no gain due to stepped up basis. The Estate received about $5500 INT
Normally, I would show the INT as DNI and pass it to the heirs on K1s. Executor would prefer to pay the tax on the INT at the estate level (so the 6 heirs do not have to amend their 2022 returns.
Any issues?
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If the YE is 3/31/23, the K-1 items go on the beneficiaries' 2023 tax returns.
Charge $5500 to prepare return. Believe an estate can use accrual method. Problem solved.
Some days I think my brain flies south for the winter.... guess it's time to start thinking about heading north again.... wouldn't hurt if I read the dates on the k1
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