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Get your taxes done using TurboTax
It appears that the sale was reported on the partnership tax return form 1041. It is typical for the sale amount and cost to be the same since the cost of the house would be the fair market value when the individual died, so if the house was sold soon after, the sale amount would be equal to or close to the fair market value. Thus, there would be little or no gain to be taxed on.
Assuming the sale was reported on the form 1041, then you would be duplicating the reporting of it if you listed it again on your personal tax return.
The expenses listed on the form 1041 would be the expenses associated with managing the estate and selling the property. So they make sense.
So, if the sale was reported on the form 1041, and there was no taxable gain and you reported the form 1041 information in TurboTax, would you not need to make additional entries on your tax return.
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