schirallicpa Posted January 15, 2013 Report Share Posted January 15, 2013 Older man dies. His real estate goes to the estate. Can't get it sold. 2 of the beneficiaries "take ownership" of the estate. (This is all I'm getting from the atty at this point.) Our county website shows the new owners with zero dollars paid for the property. An estate income tax return must be filed for other incomes. But this came to light in the conversation. What do I do with it? Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted January 15, 2013 Report Share Posted January 15, 2013 If you are looking at the decedent's home, then you need to find out how the transfer took place. I am confused with your statement "take ownership" of the estate. The estate belongs to the decedent. FMV of the property probably needs to be determined. By your statement, it appears there might be a chance that the beneficiaries inherited the property or possible it transfered to them upond death. You really need to find out these details. This may be a moot issue when it comes to the estate tax return. More information would be helpful. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted January 16, 2013 Author Report Share Posted January 16, 2013 Ok - beneficiaries inherited the property. I don't think I have my mind around tax season yet:0 Thank you! Quote Link to comment Share on other sites More sharing options...
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