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State tax filing
He has until May 15th to file the return, or he can file an extension giving him until September 15th to file the 1041. All of the information about the sale of the house will go on that tax return. Nothing about the house sale will go on your personal return.
You will receive a K-1 from your brother once the return is filed. That K-1 will show your share of the income and expenses for the estate. You will enter the numbers from that K-1 form into your tax return (the K-1 input is under 'Investment Income' in TurboTax). If there is any taxable income it will show on that K-1 and you will pay tax on it on your return.
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March 21, 2023
10:09 AM