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Form 1041 estate with rental property;

Completing Form 1041 estate return for parent who passed in November 2020.   He owned a rental property and TT is asking (i) when I bought the asset or started using it for business; and (ii) amount paid for the asset.  Do I use the date of death for item (i) and the fair market value on date of death for item (ii)?

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Form 1041 estate with rental property;


@boomerlove88 wrote:

Do I use the date of death for item (i) and the fair market value on date of death for item (ii)?


Yes, it would the date of death (fair market) valuation and the date the estate "received" the property.

 

Recall that you need to prepare the final return (1040) as well.

 

I am sorry for your loss.

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1 Reply

Form 1041 estate with rental property;


@boomerlove88 wrote:

Do I use the date of death for item (i) and the fair market value on date of death for item (ii)?


Yes, it would the date of death (fair market) valuation and the date the estate "received" the property.

 

Recall that you need to prepare the final return (1040) as well.

 

I am sorry for your loss.

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