turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Oregon_User
Returning Member

Form 1041 Schedule E depreciation when section 645 election ends

After my father's death in late 2022, a section 645 election was made to treat the grantor's trust as part of the decedent's estate for two years. The two year period ended during December 2024 at which time the estate closed but the trust stayed active. A final 1041 return for the estate is being prepared for the period of Jan 1-Dec 9, 2024. An initial 1041 return for the complex trust will cover the period from Dec 10-Dec 31, 2024.
How can depreciation of a rental house owned by the trust be split properly between these two 1041's in TurboTax Business 2024?  There should be 344 days of depreciation for the estate 1041 and 22 days of depreciation for the trust 1041.  I don't see how to do this on Schedule E in TurboTax Business.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
M-MTax
Level 11

Form 1041 Schedule E depreciation when section 645 election ends

I think the estate's final should be easy; just convert the property to personal use (or similar) so that depreciation stops after the 9th.

 

I also think you might not be able to do the trust's initial unless you use forms view and make manual adjustments. I'm not sure how the program functions but would be willing to be it won't accept the dates and accumulated depreciation in the interview.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question