Thank you so much @dodgers90210 . I have a couple of follow-up questions, if you don't mind.
1. a) Where do I deduct the property tax expense on the 1041? [edited: I think I figured this out. I entered in the screen that says taxes paid for 2019 allocable to taxable income.]
1. b) I'm wondering - overall, what is the point of entering the property tax expense and all the other Estate expenses, for that matter, if there is no tax liability for the Estate? It's not like there's going to be a refund or losses to distribute to beneficiaries (I think??). I'm just puzzled over this.
3. Sale of personal items - I can see the logic and efficiency in not reporting this at all since there is no gain and no loss. Is there any risk if I go this route? In other words, with such a simple estate, the 1041 would end up only showing the sale of the home. This is acceptable? Common logic tells me it should be fine since there's no gain or loss to report, which is the point of the 1041. But common logic doesn't always equate with how taxes work.
Edited to add: for the sale of personal items, I decided to try and enter them. I entered the net of the gross sales proceeds less estate sale company commission in column (d); I entered the basis on date of death in column (e), which equals the gross sales proceeds. As you said, the sales proceeds (d) are less than the basis (e). However, TT is now showing a long-term loss. It added a loss to the 1041 and now there is a loss carryover worksheet. Is this correct? Based on what you said above, personal items cannot result in a loss but TT doesn't seem to make this distinction. I understand TT calculated a loss because of column (d) being less than (e). What should I do about this?
Thank you again for your wonderful help!
