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IRD Deduction Question

Hi Judy,

Hope you're doing well near the end of tax season.

To tell the truth, I'm not all that familiar with the mechanics/calculation of the "Income in Respect of Decedent Deduction." However, I believe if applicable, the IRD deduction is a Schedule A miscellaneous deduction NOT subject to the 2% limitation. Rev. Rul. 78-203, 1978-1 CB 199, IRC Sec(s). 691 The IRD deduction also is not affected by the AMT (I think).

So your front page of Form 1040 will show the amounts from the Form 1099-R (and will match the info the IRS is receiving). Then on Sch. A you'll have the IRD deduction that applies for the year based on the how much of the IRA was distributed.

The following is a helpful article which is a bit old..but I think the general principles still apply.

If you don't mind, I'd like to post your question on the general tax discussion forum b/c there are more experienced practitioners here who would know better.

Hope you enjoy this tax forum! It's a great place to hang out w/ the other "crazy" folk who are interested in taxation!

winters in FL

Hi, I also spend winters in FL, NE FL. Do you work during tax season in FL?? where??? Murrsg07

Happy Holidays

It was nice to hear from you.....I know exactly where you are....Back in the 80's and 90s I lived in Broward and Palm Beach counties. This year I'll be in NE FL.

Best wishes for the new year!

Susanna Murray

Follow Up

Judy, I just noticed you had left me a message...I've been away from the forum for a few weeks. I'm now in the Jacksonville area, and soon will be working for a local CPA office during tax season.


Susanna Murrsg07 16:48, 24 January 2008 (CST)

Thank you for your kind words and I think we are neighbors!

Thank you very much for the supportive words. If you are in IRC, then we can't be too far from one another. I am also in IRC but very close to the southernmost part of the county.

I DO have emails and letters of resignation and as well numerous emails to the FDOR when client and I parted ways. Hopefully someone will listen to reason. All that he is being held for is AFTER our relationship ended. But they found someone I guess to contact; he is avoiding all contact with everyone and comes in and out of the state and the US as a whole without being stopped at the border.

Anyways, I am doing my best to not let it drag me down too much. I have so much to do but can't wrap my head around my work for the fear of this whole thing.

But...thank you very much for your kind words and sympathy.


Would love to have coffee sometime!!

WOW: I have a client or two or three in Roseland. I have been there and I just LOVE the Sebastian area. As you know, this is a very odd community of sorts. I have found a niche in International due to my sleaze Canadian client and from there came one in Brazil, one in Cayman and a couple in India.

My problem with my CDN client is so convoluted I don't have an answer to it yet. I KNOW where he is unfortunately since one of my Roseland clients works for him. This is just so sad in that if I deliver the summons to him then I am admitting I still can "find" him and yet, he never talks to me. This person still owes me over 20K in fees and he never responds to my requests for payment.

Could be from what I have been told....I can be arrested but I have documentation to support my side. I am praying that this goes away but that somehow he will realize that to bring me down with his ship is just plain wrong.

I DO have clients as far south as Miami and as far north in FL as Jax and west to Tampa. But in this area with all the influx of others, I have clients all over. I am trying to build a practice, so I accept most all referrals....hehe

Anyways, after the crunch is over (if I am not in jail that is...hehe) would love to meet for coffee.

Good to meet you!!


Capital Losses on Final Form 1041

Hi Jmolliconi, I saw your post regarding a Form 1041 issue. My question is on a FINAL Form 1041 do the REMAINING capital losses get distributed to beneficiaries. The decedent died in 2009 and the home was sold a month later generating a capital loss. There was no other income in 2009 or 2010 and 2011 will be the wrap up year for the decedent's estate. I'm assuming the $3,000 capital losses for 2009 & 2010 are "used up" even though they didn't offset any other income so only the remaining amount gets distributed. Is this correct? Thanks!

HWCPA 15:03, 2 February 2011 (UTC)

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