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5onTheHill
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- Posted Thanks again for you help. I did not do anything differen... on Deductions & credits. June 7, 2019 5:32 PM
- Posted Thanks so much for your help. When clicking on the 1st &... on Deductions & credits. June 7, 2019 5:32 PM
- Posted Estate's 1041: The estate sold inherited real estate (primary home) for a loss. Do beneficiary's K-1s reflect the distribution of the sale proceeds? on Deductions & credits. June 7, 2019 5:32 PM
- Posted In TurboTax Business, on Estate's 1041, when there was no income distribution from estate to beneficiaries, what is recommended approach for K-1s... none or all w/ zeros? on Business & farm. June 1, 2019 1:33 AM
June 7, 2019
5:32 PM
Thanks again for you help. I did not do anything different on my end, but I can access all of the attachments with Chrome now. Fantastic job answering with the attachments.
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June 7, 2019
5:32 PM
Thanks so much for your help. When clicking on the 1st & 3rd attachment, the result is an access denied issue... i.e. the browser returns XML w/ "<Error><Code>AccessDenied</Code>...". The 2nd attachment opened correctly.
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June 7, 2019
5:32 PM
Background: - Using TurboTax Business 2018 for the estate's 1041. - The estate sold the inherited primary home real estate for a loss.. i.e. there is no income for the estate to report on the sale. Question: - Would the K-1s for each beneficiary need to reflect the distribution of the cash proceeds from the sale of the inherited real estate? Assumptions: - The purpose of the K-1s is to record income that the beneficiaries should include on their tax filings. The purpose is not to record all money transfers from the estate's bank account to the beneficiaries. - The beneficiaries also do not owe income tax on the estate's sale of the inherited property which resulted in a loss
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June 1, 2019
1:33 AM
Supporting details:
I need to file the Estate's 1041 since the estate had income from a stock sale > $600
The stock sale proceeds were not distributed to the beneficiaries
No other estate income was distributed to the beneficiaries
Recommended approach #1: Do not generate any K-1s
I.e.: in TurboTax, DO NOT specify any beneficiaries.
Result 1: the Estate's 1041 Box B will correctly indicate that there are 0 K-1s attached.
Result 2: TurboTax will NOT generate K-1s with income = 0 for attaching/filing with the Estate's 1041 and therefore each beneficary will NOT receive a K-1
Recommended approach #2: Generate the K-1s with income = 0
I.e.: in TurboTax, specify all the beneficiaries.
Result 1: the Estate's 1041 Box B will correctly indicate that there are <n> K-1s attached.
Result 2: TurboTax WILL generate K-1s with income = 0 for attaching/filing with the Estate's 1041 and therefore each beneficary will receive a K-1 which they would keep for their records.
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