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How to report my portion of deceased mother's estate sale of her house

to start, I did NOT directly inherit my mother's house.  She passed,  we established an estate, my brother was executor.  Estate sold the house, then me and my brothers divided the proceeds. We didn't get any tax forms related to the sale.  There was some capital gains on the sale, and I need to account for my portion of that income.  Turbotax desktop PC has no mechanism to enter this.   AI is no help.   Live human ?  help?    thanks

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3 Replies
M-MTax
Level 15

How to report my portion of deceased mother's estate sale of her house

Estates file form 1041 to report sales of assets, income, other gains, et al.

 

TurboTax Business is the product many here use to prepare Form 1041 and the product will also generate associated K-1s for you and brothers.

 

If you have no experience with entity tax return preparation and filing, you might want to seek guidance from a local tax professional.

How to report my portion of deceased mother's estate sale of her house

Thanks... the estate filed its required forms.  I'm just trying to account for the money I received out of the sale of house through the estate. and to note,  there is some capital gains on the house sale, my portion of the capital gains is like $30k.  So that's the income I'm trying to enter using TT Premier.   

M-MTax
Level 15

How to report my portion of deceased mother's estate sale of her house

If you received the proceeds through the estate, the estate should have reported the sale on its 1041 and you should have received a K-1 for your share. However, it is possible that the estate paid any tax due.

 

Contact the executor and inquire.

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