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I am filing a 1041 for my parents estate. How do I report assests distributed directly to the benificiary?

 
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I am filing a 1041 for my parents estate. How do I report assests distributed directly to the benificiary?

"How do I report assests distributed directly to the benificiary?"

Form 1041 is for reporting items of income, gains, deductions, credits, et al. 

Generally, the distribution of tangible property does not need to be reported on Form 1041 and the beneficiary typically takes the estate's basis in the tangible property received (i.e., a carryover basis - usually the fair market value as of the date of death of the decedent).

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I am filing a 1041 for my parents estate. How do I report assests distributed directly to the benificiary?

"How do I report assests distributed directly to the benificiary?"

Form 1041 is for reporting items of income, gains, deductions, credits, et al. 

Generally, the distribution of tangible property does not need to be reported on Form 1041 and the beneficiary typically takes the estate's basis in the tangible property received (i.e., a carryover basis - usually the fair market value as of the date of death of the decedent).

I am filing a 1041 for my parents estate. How do I report assests distributed directly to the benificiary?

Hi, good afternoon

  My siblings and me are the beneficiaries of an irrevocable trust and i am the trustee. The trust has 3 rental properties and we decide to transfer the rental properties to us , the beneficiaries of the trust.

  That is not a sale because the trust is not receiving any money, in fact those are the only assets of the trust.

  How do I report that to the IRS that transfer of assets to us?

   Where do i report that on turbo tax ?

 

Please le me know

 

best

pedro h dager

I am filing a 1041 for my parents estate. How do I report assests distributed directly to the benificiary?

First I highly recommend you seek local professional assistance for this matter so it is done correctly.  Basically the assets are "taken out of service" to stop the depreciation and a final 1041 is filed for the trust.  Then each beneficiary needs to know the ending  adjusted basis for their returns.  Hopefully the rentals were being depreciated properly ... if they were not then you will need professional assistance for sure to get this fixed.

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