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I agree with Pacun.

When in doubt, fill one out. Can cause no harm to anyone.

Did you realize that you answered a post that is 3 years old?

You can add any kind of statement with the 'statements/elections' form.

See form 1041 instructions on excess deductions upon termination of the Trust. In most cases such deduction may be passed onto beneficiaries by way of the final 1041-K1. Basis to mother as a gift is the basis of the beneficiary/trustee basis at the time of the gift. Not FMV at time of gift. A gift tax return is required (assuming basis is more than normal exception) by the giver of the property.

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From the tree, right click on the main folder and then "properties" and you will see the details in the box that appears.

I believe this still holds true after 3 years. Please have some rest and give a big kiss your grandchild.

No. Install them as soon as they are available. We had a 10 minute issue at the firm when 13.4.1 was installed yesterday. No issues during or after the install midday today. 1080 clients and 1,500 efiles. 556 accepted e-files. Transmitted 60 more today. This season is making me forget the horrors of 2012.

Another thing made easier for us is stock basis listed on 1099-B by fidelity and others.

I know many do not bother with the Political Forum, and thats fine. But I hope you will consider an exception for my new thread It's entitled "Political, but very much TAX and I bet most have not heard much of this" and I think it contains new information all should be aware of.

This is not exactly the same, but over the years I have had a number of farmers quit and have an auction to sell off all their equipment. This can be pages and pages of auctioner sales sheets. I simply ad up all equipment sales, go to prior years depreciation schedules and pick up AD and cost and put one line on 4797 as "Equipment sold". I've never had one questioned, but have all the detail if it ever happens. Gerald

OK.

I assume the title of the property was in the name of the trust at date of death, otherwise you don't have a trust problem. Trust therefore gets step-up basis to fair market value as of date of death. Trust (not the trustee) then rents property, takes depreciation, pays expenses, and receives income that it either pays income tax on 1041 or passes/distributes the taxable income/loss amount to beneficiaries for taxation (not to confuse with cash distribution) EACH YEAR. The trust then distributes all assets which would be the property and any cash and shows any unused deductions/loss FOR THE FINAL YEAR on the final trust 1041-k1 for the beneficiaries. Its hard to understand a loss when the only cash the trust had was from rent income, unless the loss was a result of something like depreciation.

That's what she said................

KC, not sure why you would stop a discussion with simple differences of opinion on a PC technical matter. No one, with the possible exception of Jack has made any comment that is inappropriate or abusive. I understand your are the Admin and can do anything you want, but it would be helpful if you please explain your rational here.

OK, you are all saying the same thing, so please, let it stand. I'm not on any 'side', just think that this is escalating for no purpose.

Yes to the adder for tax advice, because that is always open to interpretation by a judge and that judge may ave zero tax knowledge.