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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.
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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- Transfer of Asset from 1040 (Sch E) to 1041
Transfer of Asset from 1040 (Sch E) to 1041
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jerryadvisor53
Level 1
02-24-2022
06:01 PM
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Similar to a question I asked for a step up, if an asset (building) was sold by the estate, do I transfer (not show as sold) the asset to the 1041 and then report the sale? Taxpayer died in Mar 2021 and the property was sold in Oct 2021 by the estate
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sjrcpa
Level 15
02-24-2022
06:17 PM
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You stop depreciating it on the 1040 as of the date of death. 2021 depreciation is calculated using the short year rules.
Start depreciating it on the 1041 using the date of death FMV, excluding the FMV of the land.
The more I know, the more I don't know.
