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Returning Member
posted Jan 23, 2020 2:09:16 PM

estate filing question

I made distribution to my Father's cash only estate to myself, sister and brother in June of 2019 and closed estate. As part of estate probate, I payed attorney and court fees of $7,000.  I just received a 1099-INT for interest income of $850 on the estate funds I distributed. I'm using TT Business to file taxes. I will have a net loss to estate with lawyer/court deductions. Do I still have to identify the beneficiaries and subsequent K1s, as there was a net loss to the estate for the year? 

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Level 15
Jan 23, 2020 2:35:23 PM

@Fred53 wrote:

Do I still have to identify the beneficiaries and subsequent K1s, as there was a net loss to the estate for the year? 

You should identify the beneficiaries; since this is the final return, the net loss (excess deductions) will be passed through to the beneficiaries on their K-1s, even though they likely will not be able to use them.