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Level 2
March 23, 2023
Solved

1041 Trust Line 15a Deductions

  • March 23, 2023
  • 3 replies
  • 25 views

I understand any deductions must be other than occurring by normal owner of a property.  However, owner is deceased and Trust liquidates asset through a sale.  Can realtor commissions at closing and painting of interior to prepare property for highest and best price be considered in 15a on form 1041?

    Best answer by Anonymous_
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    3 replies

    Level 15
    March 23, 2023
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    deltabobAuthor
    Level 2
    March 23, 2023

    Thanks.  Makes sense.  Since I am the Trustee, would you mind directing me to the form I need to use in this instance.  Death in Oct 2021 and sale of home in June 2022.  I do have the 1099-S for the Proceeds from Real Estate Transactions.  Since this 1041 is the final trust document,  want to make sure I know where the sale of the home and any deductions is reported.

    Level 15
    March 23, 2023
    No text available