I am trying to understand the K-1 I received for my parent's estate. There are 4 beneficiaries so I know to divide the values on 1099s from investments by 4. We are receiving a retirement-related check this year so this K-1 is not-final.
1. Ordinary div, interest, and net short term cap gain on K-1 are all less than the 1099 value divided by 4. What would cause that? Would they be reduced if an expense was entered for the financial advisor who received commission when assets were bought?
2. The long term capital loss does not appear. Is this because it's not final year? Would I assume the values are entered for the 1041 and will appear on the final K-1?
3. Parent's house was sold less than 2 months after death. There were selling expenses- repairs, commission, lawyer. Will these appear as a capital loss (box 11 on K-1) only next year when final K-1? For that to happen, do they need to be entered for the 1041 this year? I can't tell on my K-1 if this happened, correct?
4. Box 14 of K-1 has Code E and Code H. I read Code E is sum of values reported elsewhere on K-1. The investment numbers on K-1 don't equal the value for Code E. Should it be obvious (exact sum of other numbers)?
Code H is negative. Would that value be on the 1099?
If it effects answers, all of the beneficiaries are children of deceased.
Thank you.
