1099 from rental property management

[supersonic]

Hello, My father pasted away August 2021 and he had property's a company managed.  The management company started sending me (I am his son) the proceeds from those property's. I received 1099s for the funds.  I didn't realize back then I am liable for the taxes. I am the trustee of his estate.  My CPA told me that I can input a statement to the IRS or Turbo tax that these funds are part of the estate and will be deposited into the estate bank account that will happen in the next 1 to 3 months so I am not liable for these funds but the estate will be. Is there a way to put this statement in Turbo tax or input this in Turbo tax? How do I go about doing this? THANKS 

[ColeenD3]

One easy way is to include the income and then back it out with the explanation that it is really the income of the estate.  You should include the EIN of the estate for more clarity.

You can add it as other income and then back it out again with an explanation. 

• Wages & Income
• I'll choose what I work on
• Less Common Income select Start (or Update) for 
• Miscellaneous Income.
• Other reportable income and you can enter your own description(s) and amount(s).
• Enter a second line with the same explanation and a negative number

[supersonic]

When reporting the income in other reportable income in Turbo tax, I don't enter the 1099 on my personal taxes, but enter it into the estate taxes later, correct.

[Cynthiad66]

You enter the Form 1099s on your Federal return which should translate to your state returns.  If you follow the instructions above when you back it out of the federal it should not go to the state.  You will have accomplished the reporting requirement for the Form 1099x.

[Edited 3/16/2022 6:38 AM PST]

[supersonic]

OK, i wrote a statement (Income from rental property's that belongs to the estate of my father Alfred L. Sharp The EIN for the estate is 88-6150626.) and put the amount and entered a second miscellaneous income with the exact same statement but entered a negative number, same amount. It doesn't need any more explanation in the second statement why its a negative number?  I do need to enter the 1099m for the estate taxes for my father when that time comes, right? THANKS

[ColeenD3]

You can put the same explanation as the reason for the negative number. Yes, when you file the Estate return, include the 1099-MISC.If the return will be filed after April 18, ask for an extension.