Dceased taxpayer

[Terry O]

Single taxpayer passed away 12/06, and the lawyers took almost a YEAR to get a Fiduciary id number - -

For 2007 , there are 1099's with the taxpayer's SS# with interest, dividends, capital gains - -sale of stock etc.

AND - -there are statement's with the Fiduciary # - -including a 1099 misc with NON EMPLOYEE compensation - - I believe that is from the proceeds of assets from an inherited estate!

My question, do I report it all on the fiduciary return?

Thanks!

[OldJack]

Each income should be taxed on the tax return of the person(s) that got the money except for the period the estate has not or was not distributed which would then be on form 1041. You may need to allocate the 1099's between form 1041 and others. Report the items on the proper allocated form with the SS# or Fiduciary # in the description.

[Terry O]

Actually ( I think because of "billable hours) none of the money was distributed until 2008 - -

soooooooooooo, If I understand you correctly - -ALL income is to be reported on the 1041. OUCH!!!

thanks!

[Chrisbry]

Actually ( I think because of "billable hours) none of the money was distributed until 2008 - -

soooooooooooo, If I understand you correctly - -ALL income is to be reported on the 1041. OUCH!!!

thanks!

Not necessarily "ouch".

the proceeds of assets from an inherited estate!

Were there expenses in association with the sale of the asset? {ie closing costs etc} Those can be deemed as necessary administrative expenses in the sale of the asset. Remember the basis in the asset is the FMV on D.O.D. There should not be significant gain (or loss).