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Showing content with the highest reputation on 02/03/2023 in Posts

  1. But OP specifically referred to 1099 B, That tells us that property of decedent was sold and estate would have basis equal to fmv at date of death. I can not think of any circumstance where estate not have basis in property sold.
    2 points
  2. The way I see it, you are looking at maximum taxable income of about $2,000 which should be taxed at the beneficiary level. You mentioned 10,000 of property sold. As Bulldog mentioned it is safe to say that will be offset by stepped up basis. Report it on Schedule D of the 1041 and call it an unknow asset of decedent. As I understand your post, that leaves $2,000 of potential income to report on the 1041. That will go on K-1 if reported on final 1041 or distributed within 65 days of estate year end. The result should be in $200 - $400 of federal income tax to beni’s,+ whatever your state might tax. If these are the only items reported on 1041, they will offset by any legal and accounting fees….etc; in full proportion. So before you spend to much time digging into this, you should consider the cost vs benefit to the estate and discuss that with them.
    2 points
  3. No problems here except at the very beginning. Since we have been restarting every day, we have had none of that.
    2 points
  4. Many thanks to you both, @Margaret CPA in OH and @JimTaxes! Talking with the client tomorrow morning.
    2 points
  5. This should be standard procedure for everyone. Computers simply run better after a restart.
    1 point
  6. Maybe I am missing something, but It doesn't seem right to have $2,000 of income from $10,000 of assets.
    1 point
  7. If you look at the last year or two of 1040 of deceased, you be able to tell what the fund was.
    1 point
  8. After all these years they must still be using the "Raven" shareware database. By now one would think the program would have been rewritten with something more robust and stable?
    1 point
  9. Yes, but if you close out the message you can keep working. Abby gets the credit for that workaround. I do shut down the program every few returns, another Abby recommendation
    1 point
  10. Why doesn't everyone call their tax pro before tying the knot? Timing is everything. Perhaps wedding tax planning should be a thing.
    1 point
  11. You may be trying to close the barn door after the horse is already gone.
    0 points
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