form 1041 only needed for one 1099S and distributing LTCL

dw808 — Mon, 23 Feb 2026 11:01:57 GMT

Situation:

- estate did not close probate last year and had one partial distribution to one beneficiary

- estate has one 1099S from 12/29/2022 and a BIG loss on that property (market tanked + hurricane whacked)

- estate has no income to tax for TY2022/FY beginning in mid-2022 or ever

- exiting probate and remaining distribution to beneficiaries is pending some minor matters and tax filings (for deceased and for estate) that should be able to happen in early CY 2023

TTB appears to not create K1s (presently) because not "final" 1041. Therefore, apparently, can't distribute losses from the real estate. That loss was incurred in each of beneficiary's TY2022.

TTB appears to want to create a staggered FY on the 1041 starting in the month of the deceased's death. That's maybe a good thing because I should be able to get the estate closed out before *that* year runs out. Then, maybe, it will generate K1s? But these K1s will be issued well into CY 2023, so even if the beneficiaries extend their TY/CY22 filings until they get these K1s, can they apply this loss, incurred in their 2022 TYs, on their TY22 returns, even though it's not reported until a mid-2023 FY filing of the estate's 1041/K1s/closing of the estate? (My personal problem from the beneficiary side is it makes a huge difference in my need to file estimated payment for my TY22 period four nine days from now.)

Alternately, since there is nothing to report, and won't be in the future, except for the LTCL, can I just say it's the final 1041 even if estate hasn't yet exited probate and made final distributions? Even if I do that, I do not find a place to tell TTB to distribute the LTCL. The closest I find is Investment Income|Allocation of Capital Gains (Loss) , but it only asks about STCL, of which there is $0, not LTCL of which there is a mountain.

What a mess of chicken and egg.

Re: form 1041 only needed for one 1099S and distributing LTCL

Anonymous_ — Sun, 22 Dec 2024 23:38:41 GMT

Re: form 1041 only needed for one 1099S and distributing LTCL

Anonymous_ — Sun, 22 Dec 2024 23:39:00 GMT

Re: form 1041 only needed for one 1099S and distributing LTCL

Critter-3 — Sat, 07 Jan 2023 22:22:14 GMT

Why are you not filing a final estate INCOME tax return ? You do not need to wait to distribute the corpus to file the final return return if the estate will have no income to report in the future.

Re: form 1041 only needed for one 1099S and distributing LTCL

Anonymous_ — Sun, 22 Dec 2024 23:39:19 GMT

topic form 1041 only needed for one 1099S and distributing LTCL in Get your taxes done using TurboTax

form 1041 only needed for one 1099S and distributing LTCL

Re: form 1041 only needed for one 1099S and distributing LTCL

Re: form 1041 only needed for one 1099S and distributing LTCL

Re: form 1041 only needed for one 1099S and distributing LTCL

Re: form 1041 only needed for one 1099S and distributing LTCL