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Level 4

1041 Decedant Estate Questions

Two questions:


1) The 2017 Final Return for my mother's estate had a loss of $3600. My sister and I are beneficiaries. Can that loss be used on our individual tax other words transfer the loss to each of us?


2) Okay, I continue to be confused about the basic part of distributions. My mother's estate was well below the tax threshold for the inheritance tax. She had several mutual funds, stocks, etc that were transferred to the estate and then transferred to me and my sister's respective individual accounts. When asked about distribution to beneficiaries, do I put the total amount of stocks/fund values at the time of the transfer from the trust to each of us? Or do I just put in the cash in her bank account that we split? Since I am not supposed to be taxed on this as it is inheritance and below the inheritance tax, how do I proceed?