- Joined
- Mar 7, 2012
- Messages
- 1
- Reaction score
- 0
Hi,
I'm hoping someone can help or guide me in the right direction on this. I may have back myself into a corner. My uncle passed on in 6/2010 in FL, leaving mainly stocks and a house. We filed a short year 1041 for 11/2010, reporting $0 tax (~$1900 in qual div inc). We have a probate attorney and I'm preparing the various 1041 returns.
The house didn't sell by 10/2010 or 11/2011, and we ended 11/2011 reporting $0 in tax again (~$2000 LTCG net effect; [~$11k LTCGs, $11k ordinary income, less ~$20k in expenses {including ~$8k house related} ] ).
In 12/2011 the house was subject to an "order determining homestead status," with the house in effect treated as owned by 7 heirs. Our attorney mentioned that, technically, the real estate is deemed vested in the heirs as of date of death 6/10 (not as of 12/2011).
My problems/questions are 1) Originally I didn't report distributions in 2010 (for the house). Do I need to redo the 1st 1041, where the $1900 might now flow down to K-1s (meaning a re-doing of 1040s for beneficiaries). 2) As all costs of carrying the house was borne by the estate, was that in effect wrong (as it might not have been the estate's house), and mean redoing the 2011 1041 to eliminate $8k for maintaining the house.
If 12/2011 was the date the house is deemed owned by beneficiaries, then everything is on the right track. I'm hoping to get some guidance, and any help would be appreciated.
Thanks.
I'm hoping someone can help or guide me in the right direction on this. I may have back myself into a corner. My uncle passed on in 6/2010 in FL, leaving mainly stocks and a house. We filed a short year 1041 for 11/2010, reporting $0 tax (~$1900 in qual div inc). We have a probate attorney and I'm preparing the various 1041 returns.
The house didn't sell by 10/2010 or 11/2011, and we ended 11/2011 reporting $0 in tax again (~$2000 LTCG net effect; [~$11k LTCGs, $11k ordinary income, less ~$20k in expenses {including ~$8k house related} ] ).
In 12/2011 the house was subject to an "order determining homestead status," with the house in effect treated as owned by 7 heirs. Our attorney mentioned that, technically, the real estate is deemed vested in the heirs as of date of death 6/10 (not as of 12/2011).
My problems/questions are 1) Originally I didn't report distributions in 2010 (for the house). Do I need to redo the 1st 1041, where the $1900 might now flow down to K-1s (meaning a re-doing of 1040s for beneficiaries). 2) As all costs of carrying the house was borne by the estate, was that in effect wrong (as it might not have been the estate's house), and mean redoing the 2011 1041 to eliminate $8k for maintaining the house.
If 12/2011 was the date the house is deemed owned by beneficiaries, then everything is on the right track. I'm hoping to get some guidance, and any help would be appreciated.
Thanks.