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caroll1
Level 1

Form 1041 - PR filing Estate Income Tax Return for Deceased

I am the Personal Representative for my Mother's Estate.  She died 2/17/19.   Only assets are home and car.  NO income from bank account, CD's, anything.   

I created EIN to obtain a bank account to put $$ from sale of car/house.  IRS says I need to file Form 1041 by 4/15/2020. (July 15,2020 due to COVID)

 

The house just sold on April 6, 2020 and the car is now FOR SALE.  

Do I need to file form 1041 for 2019? and 2020? or do I just file in 2020 with the income from the house sale and car?  2 beneficiaries to create Schedule K-1s for 2020.

 

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Accepted Solutions
tagteam
Level 15

Form 1041 - PR filing Estate Income Tax Return for Deceased

The trust would only be required to file a 1041 for 2019 if the trust had any taxable income for the tax year or gross income of $600 or more for the tax year  (and it appears as if neither is applicable for 2019).

 

For the 2020 tax year, the trust will have to file a 1041 if it meets either of the two criteria mentioned above or if the trust receives a tax reporting statement for the sale of the house (e.g., 1099-S) or sale of the car (e.g., 1099-MISC.

 

See https://www.irs.gov/instructions/i1041#idm140366311406240

 

 

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1 Reply
tagteam
Level 15

Form 1041 - PR filing Estate Income Tax Return for Deceased

The trust would only be required to file a 1041 for 2019 if the trust had any taxable income for the tax year or gross income of $600 or more for the tax year  (and it appears as if neither is applicable for 2019).

 

For the 2020 tax year, the trust will have to file a 1041 if it meets either of the two criteria mentioned above or if the trust receives a tax reporting statement for the sale of the house (e.g., 1099-S) or sale of the car (e.g., 1099-MISC.

 

See https://www.irs.gov/instructions/i1041#idm140366311406240

 

 

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