I am really confused with what deductions are allowed to be taken on a Form 1041 Estate Tax Return, where they go on the 1041 and how they should be reported on the K-1 form for the beneficiaries? The Estate is in Wisconsin (2 beneficiaries in Illinois and 1 in Wisconsin).
There is no income only expenses for the 1041.
The expenses are:
Expenses Prior to Sale:
Utilities
Snow removal
Final cost of healthcare
Bank Fees
Remaining funeral cost
Repairs & Postage reimbursed to
beneficiary
Attorney Fees
After Close:
Final Attorney Fee
Closing costs:
Wisconsin Transfer Tax to Register of
Deeds
Final Water Bill to Beloit Water Utility
Home Warranty to Universal Home l
Protection
Real Estate Commission-Listing Agent
Real Estate Commission-Selling Agent
Title-Gap Endorsement to Land Title &
Closing Service LLC
Title-Owner Title Insurance to Land
Title & Closing Service LLC
Title-Special Assessment Letter to
Land Title & Closing Service LLC
County Taxes
Title-Adjustment for Owner's Premuim
