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jesnken1
Returning Member

Estate and Schedule K-1's

I have a question. Parents home was sold after they passed away, In the will, the sale of house was to be divided up by all the kids (8 in total).  But when the house was sold, the lawyers for the estate were not made aware of the distribution for the kids.  received a 1099-s from the lawyers, Should I give all remaining kids "beneficiaries"a schedule k1 for their share of the distribution of the sale of the house, and is so, what line on the k1 is the sale o the house. 

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3 Replies

Estate and Schedule K-1's

Did each beneficiary (heir) receive a 1099-S for their share of the proceeds with their social security numbers listed as transferors? 

 

If you received a 1099-S with the entire proceeds from the sale, you could simply report that the share you were entitled to and then report the share of the other seven kids as nominees (i.e., subtract the total of their shares from the total reported solely to you).

jesnken1
Returning Member

Estate and Schedule K-1's

Only the executors of the estate received a 1099-s (spouse and brother) were executors of the estate. 1 1099-s with both of their names on the 1099-s form. But the 1099-s has our address on it. Brother lives in Florida.

jesnken1
Returning Member

Estate and Schedule K-1's

What line on K1 should I report my share of the sale of house

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