joanmcq Posted April 8 Report Posted April 8 I am doing the first/final estate income tax return. The house has already sold. The will divides up the house by three (nieces & nephew), and any remaining property 25% is split by 3 charities and the remaining 75% by the 3 nieces/nephew. Are the K1s a) 33.33% to each person or, b) 8.33 to each charity and 25% to each individual? Or do I c) put the loss carryover to the 3 individuals and then use b? I am fried and overthinking I think. I think its c. Quote
BrewOne Posted April 8 Report Posted April 8 Joan, I'm fried as well, but I can tell you that charities don't get K-1's. Quote
Abby Normal Posted April 8 Report Posted April 8 Is there any income to be distributed? Was the house sold at a loss, like it usually is? The charities get their specific bequests and the bene's split the rest 1/3 each, but so 33.33333 is correct, but make one 33.33334 so it adds up to 100. 3 Quote
joanmcq Posted April 8 Author Report Posted April 8 Ok. Thank you Abby. There's a bit of interest income. Quote
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