I have a Client (Taxpayer & Spouse) who have a rental property in Pennsylvania. The taxpayer died in April 2019. The rental property was sold from his estate at the end of Aug. 2019. I have reported the rental activity thru August on the Schedule E. How do I remove the rental property from the return to not trigger a gain or loss on disposal?
Is the sale of the rental property reported on the Form 1040 or in the estate return?
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
If it was just in his name, the rental activity from April through August would be reported on the Form 1041, with the sale. If half was sold by the estate and half by the wife, then she would report all of the income and expenses through April, and half through when she sold her half. They were Pennsylvania residents, right?
How was title to the property held? Apparently not tenants by the entirety or joint with right of survivorship if it was sold by his estate.
If it was just in his name, the rental activity from April through August would be reported on the Form 1041, with the sale. If half was sold by the estate and half by the wife, then she would report all of the income and expenses through April, and half through when she sold her half. They were Pennsylvania residents, right?
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.