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form 1041 - deductions - where do i enter?

Forum|Forum|5 years ago
March 21, 2021
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don't have TT business - trying to prepare final estate 1041 for my dad's estate - where do i enter lawyer's fees, funeral expenses and broker's fees for sale of house to off set miniscule income of estate.

Best answer by Anonymous_

The routine type of deductions are mostly self-explanatory (see screenshot).

However, funeral expenses are simply not deductible on Form 1041 and broker's fees incurred in the sale of a house would be deducted when you enter the transaction on Form 8949.

Frankly, even the least complex 1041 return can be challenging for anyone who is not familiar with accounting procedures, applicable tax law and regulations, and the forms and schedules involved, so professional guidance is recommended in most cases and tax preparation software is almost indispensable.

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A

Anonymous_Answer

Employee

The routine type of deductions are mostly self-explanatory (see screenshot).

However, funeral expenses are simply not deductible on Form 1041 and broker's fees incurred in the sale of a house would be deducted when you enter the transaction on Form 8949.

Frankly, even the least complex 1041 return can be challenging for anyone who is not familiar with accounting procedures, applicable tax law and regulations, and the forms and schedules involved, so professional guidance is recommended in most cases and tax preparation software is almost indispensable.

1.png