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Level 3
posted Mar 21, 2021 8:16:57 AM

form 1041 - deductions - where do i enter?

don't have TT business - trying to prepare final estate 1041 for my dad's estate - where do i enter lawyer's fees, funeral expenses and broker's fees for sale of house to off set miniscule income of estate.

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2 Best answers
Level 15
Mar 21, 2021 8:27:45 AM

The routine type of deductions are mostly self-explanatory (see screenshot).

 

However, funeral expenses are simply not deductible on Form 1041 and broker's fees incurred in the sale of a house would be deducted when you enter the transaction on Form 8949.

 

Frankly, even the least complex 1041 return can be challenging for anyone who is not familiar with accounting procedures, applicable tax law and regulations, and the forms and schedules involved, so professional guidance is recommended in most cases and tax preparation software is almost indispensable. 

 

Level 3
Mar 21, 2021 8:43:48 AM

i think you are right

time to call my plumber - who is an accountant from January to May

then he fixes my pipes afterwards

3 Replies
Level 15
Mar 21, 2021 8:27:45 AM

The routine type of deductions are mostly self-explanatory (see screenshot).

 

However, funeral expenses are simply not deductible on Form 1041 and broker's fees incurred in the sale of a house would be deducted when you enter the transaction on Form 8949.

 

Frankly, even the least complex 1041 return can be challenging for anyone who is not familiar with accounting procedures, applicable tax law and regulations, and the forms and schedules involved, so professional guidance is recommended in most cases and tax preparation software is almost indispensable. 

 

Level 3
Mar 21, 2021 8:43:48 AM

i think you are right

time to call my plumber - who is an accountant from January to May

then he fixes my pipes afterwards

Level 3
Mar 24, 2021 7:58:57 AM

my plumber did a great job.  thanks for your help.  I would never have been able to figure this out just looking at all the forms he sent back to me