Very helpful. I think the March 15th is for K-1s for pass through entities only. Does that sound right? Is there a better link for reasonable expenses specifically. That just brings up a huge document. Presumably, even clearing out all the house contents and valuing them are reasonable costs if the trust's only asset was the condo and it was soon thereafter sold, right? We paid for airfares and meals for those who helped do it.
Regarding: The income that you received was $630,000 which is considerably more than the $600 thresh hold. You and I know it is a loss. The IRS does not know. The tax return is how you tell them.
I think I get the theme even if the details seem backwards. The house sold for net proceeds of 602k after being valued at 665k, but the latter was not net of realtor commissions. Is the loss the full 63k (in addition to other estate settlement expenses addressed above) or should both have some realtor commisions? And you continue to use the word income, but isn't the 602 just a distribution, and not income. Indeed, it is a loss which seems to be the opposite of income.
Sorry for the "bleep" in my last post. I was using a word that is the first 4 letters of my job, which is as an analyst. Thanks much. Hopefully this will be my last question although I seem to be getting automated kudos for asking more and more questions, rather than slaps on the wrists! Dean
