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How do I nominee cap gains distributions from a deceased client's personal return to his estate?

TaxesRFun
Level 2
Dividends and capital gain distributions on a 1099 have his SSN but need to be moved to an estate return.
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TaxesRFun
Level 2

OK, thanks very much; I had thought of that just wondered if there was a cleaner way. 

Thanks for your help. 

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5 Replies 5
Just-Lisa-Now-
Level 15
Level 15

If you double click on the dividend entry line on the 1040 Sch B, you'll get a page that you can select Nominee Adjustment, that deducts from the 1040 then you can just enter it on the 1041.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxesRFun
Level 2

OK, thanks. But I need to nominee the capital gains distributions and not the dividends. 

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Just-Lisa-Now-
Level 15
Level 15
I think you'll have to make the adjustment for that as a Sch D entry with the description Nominee Cap Gains to EIN XX-XXXXXX with a Sale of zero and the adjustment as the basis....or maybe someone else has a different way.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxesRFun
Level 2

OK, thanks very much; I had thought of that just wondered if there was a cleaner way. 

Thanks for your help. 

View solution in original post

BobKamman
Level 14

I haven't seen any CP-2000 notices issued to decedents so I wouldn't worry about it too much.  Just don't enter the post-death transactions in the first place.  There may be an issue on a joint return, especially with CGD's that come late in December.  The survivor should have sold the funds to avoid phantom income, but too late for that now.  

Slaves to 1099's, Unite! You have nothing to lose but little pieces of paper.  

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