Thank you.
It was not rented nor was it used for investment purposes. One beneficiary did live in house until time sold.
The estate is the reporting entity. It has it's own tax id. It's the estate's tax id that received the 1099-s. I thought estates only filed if it generates $600 or more of income. There was zero income. I guess the only reason the estate would need to file in this instance is because a 1099-s was issued?
Likewise, are K1's necessary? I do not think the loss can be claimed by the beneficiaries since the estate itself is the reporting entity and incurred the loss (likewise, the estate would have been responsible for paying taxes if there were a gain, etc).
With respect to the beneficiaries, the act of inheriting cash is not reportable or taxed at the federal level and is only reportable or taxed in 6 states. Is this correct? ( What the beneficiary does with the inherited cash after the fact can potentially trigger a taxable or reportable event.)
