Discussion:Depreciation of asset previously in trust
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| Revision as of 21:04, 20 August 2009 Kevinh5 (Talk | contribs) ← Previous diff |
Revision as of 21:38, 20 August 2009 Lrussell (Talk | contribs) (Don't worry, no) Next diff → |
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| {{ForumReplyPost|UserID=Kevinh5|Date=20 August 2009|Text=This isn't meant to offend, but there are some good texts and CPE classes out there in 1041 preparation. I wouldn't do a 1041 without taking a class or two, personally. Just like I didn't do anyone's 1040 other than my own before I took some classes. This stuff is why people need professionals. They can get it wrong on their own. It would be better for them if we didn't get it wrong too.}} | {{ForumReplyPost|UserID=Kevinh5|Date=20 August 2009|Text=This isn't meant to offend, but there are some good texts and CPE classes out there in 1041 preparation. I wouldn't do a 1041 without taking a class or two, personally. Just like I didn't do anyone's 1040 other than my own before I took some classes. This stuff is why people need professionals. They can get it wrong on their own. It would be better for them if we didn't get it wrong too.}} | ||
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| + | {{ForumReplyPost|UserID=Lrussell|Date=20 August 2009|Text=Don't worry, no offense taken. I wasn't hired to prepare a 1041, but I need numbers so I can depreciate, I need an NOL and final numbers for the trust, so I can prepare my clients 1040. My client paid over $1,200 (I'm in Idaho so this may sound low) for each of the last two trust returns that were filed under an estate EIN and where assets were distibuted in full in JUly of 2007 yet the 2007 is not marked final and does not show the distributions. I know there may have been miscommunication, I don't want to make the situation worse by making any more mistakes. It looks like I am going to have to refer her elsewhere. Thanks Kevin.}} | ||
Revision as of 21:38, 20 August 2009
Discussion Forum Index --> Advanced Tax Questions --> Depreciation of asset previously in trust
Discussion Forum Index --> Tax Questions --> Depreciation of asset previously in trust
| 20 August 2009 | |
| If an asset is in a revocable trust and depreciated (rental property), how does the beneficiary depreciate it when it is received by them and placed into service. Do I use the adjusted basis? Remaining life or start over on the life? I can't find this in any publication of the 4562 instructions.
Please help! | |
| 20 August 2009 | |
| unless the estate or trust deams the distribution a sale, then a carryover basis (with same holding period and accum deprec) is used by the beneficiary. | |
| 20 August 2009 | |
| This isn't meant to offend, but there are some good texts and CPE classes out there in 1041 preparation. I wouldn't do a 1041 without taking a class or two, personally. Just like I didn't do anyone's 1040 other than my own before I took some classes. This stuff is why people need professionals. They can get it wrong on their own. It would be better for them if we didn't get it wrong too. | |
| 20 August 2009 | |
| Don't worry, no offense taken. I wasn't hired to prepare a 1041, but I need numbers so I can depreciate, I need an NOL and final numbers for the trust, so I can prepare my clients 1040. My client paid over $1,200 (I'm in Idaho so this may sound low) for each of the last two trust returns that were filed under an estate EIN and where assets were distibuted in full in JUly of 2007 yet the 2007 is not marked final and does not show the distributions. I know there may have been miscommunication, I don't want to make the situation worse by making any more mistakes. It looks like I am going to have to refer her elsewhere. Thanks Kevin. | |
