I am the administrator of an estate that has been opened since 2020. The estate has had 2 "potential" income events. 1) the sale of real estate - the proceeds were less than $200K. Does the capital gain $250K exclusion apply to estate income tax the same as individual tax? 2) Estate creditor issued 2023 1099-C - the tax form was mailed to an incorrect address and I received it this year 2024. Can I request the IRS to waive the late fee and interest due to this issue? I would need to file a 2023 1041 tax form, correct?
Are estate income taxes required to be paid even with estate funds being distributed to minor beneficiaries?
