turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Fred53
Returning Member

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? 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

estate filing question


@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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies