Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-22-2017, 07:48 PM
Junior Member
 
Join Date: Mar 2017
Posts: 1
When the beneficiary of an estate is another estate

I have a question about how to report Final Year excess deductions (box 11A, Schedule k-1) on Form 1041 (i.e., the "beneficiary" is another estate, not an individual).

The Final year excess deductions reported for the "distributing estate" were approx. $9,000. The "receiving estate" earned about $1 in interest income.

The "distributing estate" also reported long term cap losses in box 11c. (I believe these would be reported on Sch D Form 1041, Part II, line 12 of the "receiving estate.")

The "receiving estate" is also in its final year. Can these final year deductions be passed on in whole or in part to the beneficiaries of the "receiving estate"?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-23-2017, 04:22 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
if the estate has for its final year deductions excluding the charitable deduction and exemption in excess of its gross income on 1041, the excess is allowed as an itemized deduction or( on the beneficiary?s return)to the beneficiary succeeding to the property of the estate. If you have more fees than income in the final year of the estate, you may give them to the beneficiaries on line 11 of Sch K-1.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Estate Beneficiary SNoe Estate Planning 1 05-09-2015 02:06 PM
Estate in Trust? jiji2006 Estate Planning 1 04-16-2013 03:04 AM
Estate K-1 murrayss Estate Planning 0 09-27-2009 08:13 AM
What exactly is Estate Planning? chrisk Estate Planning 2 09-21-2008 03:05 PM
What is Estate Tax? TaxGuru Estate Planning 0 08-26-2007 09:44 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.