I received a share of real estate sales sold by an estate. Taxes were paid by the estate. Where does this need to be entered?

[AmyT · Accepted solution]

Income and expenses for an estate are generally reported by the estate on a fiduciary return (Form 1041).  As a beneficiary of the estate, your share of these amounts (if reportable by you) will be included on a K-1 from that fiduciary return.

Depending on the election made when the estate received it's TIN (taxpayer identification number), the estate may have a year end that is not December 31.  If this is the case, the return will be due 3 months and 15 days after the fiscal year end of the estate.  Additionally, you may not be required to include the K-1 on your 2016 return.

It would be a good idea to contact the executor of the estate to determine whether you will receive a K-1 that needs to be included on your tax returns before filing the returns.