The Soapbox

mudshark

Joined: 11/08/2003 Posts: 4
Likes: 4

What's this?

Whether you owe tax or not the rule is (per federal form 1041 instructions)


"The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has:
1. Gross income for the tax year of $600 or more". Gross income, not net income.

In North Carolina unless the will states otherwise any real estate automatically transfers to the beneficiaries (regardless of whether the deeds are updated). Not sure what the Va rule is. Look at the closing stmt from the house sale to see if the estate sold it or your mother sold it. Also see if the attorneys from the closing issued a 1099-S.

(In response to this post by 81_Hokie)

Posted: 02/21/2024 at 12:05PM


+0

Insert a Link

Enter the title of the link here:


Enter the full web address of the link here -- include the "http://" part:


75
Hide This

Current Thread:
 
  Income tax to estate, questions for tax geniuses here -- 81_Hokie 02/21/2024 11:02AM
  An estate has to file a tax return if if has $600 in gross income. -- Hokieesith 02/21/2024 2:27PM
  Whether you owe tax or not the rule is (per federal form 1041 instructions) -- mudshark 02/21/2024 12:05PM
  No, as far as I can tell she shouldn't owe anything on the house. (and as -- Hoodafan 02/21/2024 11:43AM
  Will be following this thread. Same situation with my MiL who -- BocaHoo91 02/21/2024 11:09AM
  The car transaction looks like a $20K gift to your sister. -- NJHoo 02/21/2024 11:08AM

Notice: Trying to get property 'queue' of non-object in /data/www/sportswar.com/wp-includes/script-loader.php on line 2781

Warning: Invalid argument supplied for foreach() in /data/www/sportswar.com/wp-includes/script-loader.php on line 2781
vm307