- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You should make inquiry of the administrator, executor, or person responsible for preparing the 1041 for the estate.
Regardless, income/gain can certainly be reduced by deductions so that could be the reason the other figures are lower.
Capital gains typically remain with the entity (trust or estate) unless the administrator (or trustee) is given the authority to distribute all, or part of, the gains. Capital losses, however, are not distributed to the beneficiaries until the estate or trust terminates and a final 1041 is filed.
Some selling expenses can be deducted from the gross sales price (e.g., commissions, legal fees) while others, such as repairs and "fix-up" expenses are not deductible. If there is a loss, it will generally appear on the final K-1(s).
The Code H figure on Line 14 is an adjustment for NIIT (net investment income tax) and that figure will not appear on any 1099 (it gets transferred to Form 8960, if applicable).
Code E on Line 14 is net investment income and is taken from Line 4a of Form 4952. It may not line up otherwise since it excludes net gain from the sale of investment property.