Discussion:Newbie CPA stuck doing a 1041, Need help as to where to put home sale and K1
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| Revision as of 04:16, 13 March 2007 Edpoints (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 04:28, 13 March 2007 MsTwizz (Talk | contribs) (Uggh! I only do) Next diff → |
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| + | {{ForumReplyPost|UserID=MsTwizz|Date=13 March 2007|Text=Uggh! I only do 1 1041 a year, so I'm not much help. But I would report it on Sch D. | ||
| + | I will wait to read what the more experienced almanacers say!}} | ||
Revision as of 04:28, 13 March 2007
Discussion Forum Index --> Tax Questions --> Newbie CPA stuck doing a 1041, Need help as to where to put home sale and K1
| 13 March 2007 | |
| I have a 1041 due shortly, and I put in all the expenses related to the estate, but am not sure where to put the sale of the home. The proceeds went 100% to the sole recipient of the K1, and the estate already paid estate taxes to NJ of 80K+
Can a deduction be taken for this on the Federal 1041? and how do I enter the home sale so it flows to the K1. I imagine there would be no gain, as the estate gets the step up, but can I deduct the expenses associated with the sale. 2% floor or not? Where do I eventually put the net proceeds that were distributed to the executor? Any help is greatly appreciated. Thank you. | |
| 13 March 2007 | |
| Uggh! I only do 1 1041 a year, so I'm not much help. But I would report it on Sch D.
I will wait to read what the more experienced almanacers say! | |
