topic How do I file a 1099S made out to the "estate of my mother". in Get your taxes done using TurboTax

How do I file a 1099S made out to the "estate of my mother".

bhowe — Mon, 03 Feb 2020 14:37:25 GMT

Re: How do I file a 1099S made out to the "estate of my mother".

Irene2805 — Mon, 03 Feb 2020 15:05:23 GMT

The proceeds reported on the 1099-S should go on the return for your mother's estate (Form 1041). To prepare an estate return you need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business.

TurboTax will take you through an interview to prepare the estate return, similar to the personal (1040) products. As part of preparing the 1041 return, TurboTax will prepare K-1 forms for each beneficiary. They will need to enter the information from the K-1 into their personal 1040 returns.

Re: How do I file a 1099S made out to the "estate of my mother".

bhowe — Thu, 06 Feb 2020 12:22:13 GMT

Can I use turbo Tax Deluxe to prepare the return? I already purchased and installed it.

Re: How do I file a 1099S made out to the "estate of my mother".

dmsgy4 — Fri, 07 Feb 2020 22:39:22 GMT

When I sold the townhouse of my late mother in October 2019, in the closing documents, I found Substitute Form 1099 S. Proceeds of the sale went into my mothers estate (Estate of XXXXXX). I am the PR of the Estate. Do I still need to file and pay taxes on the proceeds ($325K) even though it was well below the $11,500,000.00 threshold? Any help would be appreciated. Thanks!

Re: How do I file a 1099S made out to the "estate of my mother".

KrisD15 — Sat, 08 Feb 2020 21:47:41 GMT

The 1099-S should be reported on the estate's tax return.

Additionally:

"you should know the estate's basis in the property is the fair market value of the home on the date of death. If the home was sold relatively soon after death, usually there is no gain on the sale, and often a loss due to sales costs."

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