Estate filing question

[smstich]

My client's father passed away last fall without a will or trust. His estate was probated and his former residence has now been sold. FMV at DOD was $279,000 and sold for $300,000.

He had no other assets. Does an estate tax return need to be filed? What other questions do I need to ask my client.

Thank you in advance,

Sylvia

[Lee Reams]

Sylvia,

I think you are referring to a 1041 not a 706, which depends upon whether property was transferred to the beneficiary before it was sold or whether it was sold prior to the transfer.

Lee

On Jul 12, 2024, at 11:45 AM, smstich <sms...@hotmail.com> wrote:

My client's father passed away last fall without a will or trust. His estate was probated and his former residence has now been sold. FMV at DOD was $279,000 and sold for $300,000.

He had no other assets. Does an estate tax return need to be filed? What other questions do I need to ask my client.

 

	Lee Reams Sr., BSME, EA Chief Content Officer CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE p: 1.800.442.2477 x240 w: www.countingworkspro.com/  e: lee....@countingworks.com
See how CountingWorks can grow your practice.

 

[smstich]

Lee, thank you for your quick response. 

The home was sold during probate. My client was appointed as administrator of the probate estate.

There are no other assets.

[Lee Reams]

Sylvia,

I bet your clients SSN is on the 1099-S, which answers your delima.

Lee

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