Re: 10099-B for a closed estate

My father passes away in 2020 and we filed in 2021 as deceased. The estate received a 1099-INT, 1099-OID, and 1099-B for 2021 for the sales that were Jan. and Feb. of 2021. I can't file under my father's name because he died in 2020. How do I report this or do I?

posted

If the income was greater than $600 then the estate must file a tax return (Form 1041). It can be first and final. When considering a sale, the sale proceeds, and not the net profit, are considered when you determine filing requirement.

The estate prepares a K-1 and the income is distributed to the beneficiary or beneficiaries so that they can report the income on their returns.

Please update here if need further assistance and one of our tax experts will help you.

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