i was executor on my Moms estate. I got a court order to cash stock without opening estate as no other funds. i used the money to for funeral costs. do i have to declare stock as income?

Cindy5172 · ‎October 25, 2023

EleanoreS · ‎October 25, 2023

Good day Cindy5172,

I am sorry for the loss of your mom.

If the stock was sold through the estate, tax, if any would be the responsibility of the estate. The filing requirement for an estate return, Form 1041, is $600 of income (the proceeds of the sale less the basis). Keep in mind, the basis of the stock would be the value at the date of death; which usually results in a higher basis and less net income.

If the stock was distributed to you as a beneficiary and sold by you personally, you would have to include the net gain or loss from the sale on you personal income tax return.

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i was executor on my Moms estate. I got a court order to cash stock without opening estate as no other funds. i used the money to for funeral costs. do i have to declare stock as income?