moms estate

booboo4 · ‎January 23, 2021

My mom passed away early 2020. I was the executor of the estate. The house was sold and the proceeds of the

estate then divided between siblings. My attorney told me that this did not have to be reported for taxes.

Please advise regarding :a) house sale , and b)proceeds distributed to sibling re:tax reporting to IRS.

Thank you for your assistance. LB

Anonymous_ · ‎January 23, 2021

Did the estate have an EIN and did you sell the house on behalf of the estate? In other words, did the estate, itself, sell the house and then distribute the proceeds to the beneficiaries (siblings)?

You should receive some sort of tax reporting statement and if that statement (most likely a 1099-S) has the name of the estate as the seller (transferor) and the estate's taxpayer ID number, then the estate will most likely be required to file a Form 1041.

See https://www.irs.gov/instructions/i1041#idm140229151947712

You should seek guidance from a tax professional in your local area.

View solution in original post

Anonymous_ · ‎January 23, 2021

Did the estate have an EIN and did you sell the house on behalf of the estate? In other words, did the estate, itself, sell the house and then distribute the proceeds to the beneficiaries (siblings)?

You should receive some sort of tax reporting statement and if that statement (most likely a 1099-S) has the name of the estate as the seller (transferor) and the estate's taxpayer ID number, then the estate will most likely be required to file a Form 1041.

See https://www.irs.gov/instructions/i1041#idm140229151947712

You should seek guidance from a tax professional in your local area.