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Investors & landlords
Yes, that $6000 would be gross income for the estate. The IRS has no way of knowing what the fair market value was unless you report it.
However, there is no reporting requirement for the sale of a personal vehicle. If the estate owned the vehicle then you'll have to file a 1041. If the vehicle was transferred to the heirs prior to the sale then the heirs would have no reporting requirement for the sale of a personal vehicle.
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March 25, 2025
10:58 AM