I read the administrator can elect to use the FMV of the property 6 months after date of death. Is this correct? If so, would I just need a real estate agent to print comparable homes at that time? This would be 2020 when the real estate market saw significant appreciation. The home sold in 2022. Can I deduct expenses incurred by the estate prior to 2022? e.g. bond premiums, bank fees, etc.
Is there a list of allowable deductions for estates I can refer to? I've seen funeral expenses, appraisal expenses, attorney fees, etc. but I was hoping to obtain an official list for a credible resource.
Can I use Turbo Tax Business to file the estate income tax return for 2022 and 2023? The 1041 tax form leaves the ending date open for the ending year. Do I need to file for each year separately or can I file a 2022 tax form with an ending date of December 31, 2023.
