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House sale by executor of estate

bethbrake
Level 2
I know inherited assets are long term when sold by the beneficiary. What about assets sold by the executor before the property is "inherited?"
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sjrcpa
Level 15

The estate inherited the assets from the decedent. If you got a 1099-S for the sale of the house, it should be reported on the 1041 for the estate. The Executor is responsible for filing the 1041.


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5 Comments 5
sjrcpa
Level 15

The estate inherited the assets from the decedent. If you got a 1099-S for the sale of the house, it should be reported on the 1041 for the estate. The Executor is responsible for filing the 1041.


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IRonMaN
Level 15
Sometimes a person needs to read these posts twice.  But then again, sometimes it takes three of four times :smile::smile:

Slava Ukraini!
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IRonMaN
Level 15

Unless you have a houseful of Picassos and Rembrandts, that stuff doesn't normally get reported anywhere since there typically isn't any gain involved.


Slava Ukraini!
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bethbrake
Level 2
No I meant for the sale of the actual house by the estate and NOT the beneficiary be considered "inherited" and therefore automatically qualify as a long term sale? Can an estate actually inherit property?
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sjrcpa
Level 15
Yes and yes

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