@MichaelL1 Your answer in this thread is what I've been seeking.
I am the executor for my father's estate. I'd like to clarify what you said in your answer in this thread as it pertains to dates to enter. You said "I would use one date." What does this mean though? Since the Estate held an estate sale to sell household goods/belongings, would I enter the following:
sales price = total gross proceeds from estate sale?
sale date = actual calendar date of estate sale?
cost = dollar amount of estate sale company's commission?
purchase date = decedent's date of death?
Would I use the same approach to make additional entries to report proceeds received by the Estate from the sale of the decedent's other personal property (not referring to the sale of the personal residence, which I've already entered in TT; I'm talking about other things that were sold like a vehicle, and a firearms collection. These were just personal belongings; the decedent did not own a business.)?
Overall, I do not expect to report any gains or losses since everything was sold very soon after death and there is a stepped-up basis. With zero tax liability, and a discretionary partial distribution paid to beneficiaries in the tax year, the K-1's should show all zeros, I believe. Do I still provide the K-1's to the beneficiaries in this case? (the estate is not complete though I'm hoping I can wrap it up within 65 days of the start of 2020 so I can make this 1041 the initial and final return)
Thanks so much for your help! I don't find form 1041 to be very straight-forward at all, not even with TT.
