housecallstax
Level 1
12-07-2019
08:50 AM
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Specific bequest business assets had to be sold at a loss to pay estate administrative expenses. There were no residuary assets. Do the losses go on the final K-1s of the specific bequest beneficiaries? Or, just on the final K-1 of the residuary beneficiary who received no distributions? Or, are these excess deductions which are no longer deductible by anyone? Tax regulation citation?
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sjrcpa
Level 15
12-07-2019
08:50 AM
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Specific bequests do not carry out income or losses. In the final year, income, capital losses and excess dedcutions on termination flow out on the residuary beneficiary(ies) K-1s.
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abctax55
Level 15
12-07-2019
08:50 AM
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Susan...you forgot the cites :wink:
"*******Tax software is no substitute for a professional tax preparer*******
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sjrcpa
Level 15
12-07-2019
08:50 AM
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I know.
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