personal residence on Form 1041

Forum|Forum|1 year ago
March 12, 2025
2 replies
0 views

I am executor of my mother's estate which only includes a personal home. I am preparing the form 1041, is there a place to include the home on the form or is this only listed when the home is sold (sold in 2025). No distributions have been made to my (12) siblings.

Second, do I have to list all 13 beneficiaries on this initial return as there should not be any inheritance tax to them.

DavidD66

An income tax return is required only if the estate generated more than $600 in gross income. If there was no income, you don't have to file a Form 1041 for 2024. You will have to file Form 1041, U.S. Income Tax Return for Estates and Trusts to report the sale of the house.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Vette23Author

Thank you so if I am understanding, I do not have to file the 1041 this year, but should be ready to file it next year as the final estate return noting the sale of the residence and the distributions?

M-MTax

@Vette23 wrote:
........I do not have to file the 1041 this year, but should be ready to file it next year as the final estate return noting the sale of the residence and the distributions?

That is correct. However, if the estate is terminated earlier, then the return should be filed by the 15th day of the 4th month following the close of the tax year.

See https://www.irs.gov/instructions/i1041#en_US_2024_publink1000285977

M-MTax

The home would be listed on the 1041 in tax year in which it is sold (note that estates can use a fiscal year).

Also, note that estates do not have file a 1041 unless they have $600 or more in income for the tax year.

See https://www.irs.gov/instructions/i1041#en_US_2024_publink1000285942

Vette23Author

Upon receiving my EIN, the letter indicated I had to file form 1041. I thought I had to file the initial return and then the final next year as the house was just sold. Also, would the home be listed as income to the estate even thou it was sold a year and a half after my mother's death.