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CP126811
New Member

Executor of estate

Hello! My father passed away in October 2023, he did not have a will, was not married and I was his only child. In may 2024 I became executor of his estate. There was some tricky family dynamics in play which is the reason it happened so far after his passing. I filed his 2023 income taxes but his house wasn’t sold until October 2024. It had fallen into foreclosure (which was still being processed by the courts) and I had to use my personal money to get it out. The house was never in my name and was sold as part of the estate although I used my personal money to pay all the bills/repairs leading up to the sale. I did not get paid to be the executor per the recommendation of my lawyer but I did receive the inheritance that was left after everything was paid. Do I file the house sale tax under my father’s name even though he was never alive in 2024? I plan to have turbo tax  do the taxes but I’m confused on where to start or whose name to start under (his or mine). I don’t think it will matter but I have pretty detailed notes of all the expenses I paid toward the house leading up the the sale, I am in Ohio and the house sold for 170,000 which was the estimated value on Zillow but I did not have the house officially appraised as I wasn’t aware that I should 

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1 Reply
M-MTax
Level 12

Executor of estate

I am sorry for your loss.

 

You should get an EIN for the estate (if you do not have one) and report the sale on Form 1041 ( LINK }, not on your father's final return for 2023. You might want to seek professional help in that respect.

 

The expenditure of your personal funds is not material since you are the only heir and likely only beneficiary. However, the expenses could be deductible if made in connection with the house in terms of selling expenses, administrative expenses, or increasing the basis of the property.

 

You also might want to get a date of death appraisal from a licensed real estate appraiser.

 

 

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