As executor, do I need to file 1041 & k-1 forms if sold mother's home & funds divided among beneficiaries? If contents of home sold, is that considered income of estate?

aubrey1 · ‎June 5, 2019

Home was sold for $50,000.

LudwigVan_fan · ‎June 5, 2019

The short answer is yes, it is income of the estate. However, the cost of the items sold should be the FMV on date of your mother's death. Thus, any gain/loss should be minimal if the time frame from DOD to sell date is relatively short.

Same as to the home. Basis of the home would be FMV at DOD.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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LudwigVan_fan · ‎June 5, 2019

The short answer is yes, it is income of the estate. However, the cost of the items sold should be the FMV on date of your mother's death. Thus, any gain/loss should be minimal if the time frame from DOD to sell date is relatively short.

Same as to the home. Basis of the home would be FMV at DOD.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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As executor, do I need to file 1041 & k-1 forms if sold mother's home & funds divided among beneficiaries? If contents of home sold, is that considered income of estate?