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February 7, 2024
Question

Re: 1099 C received after final 1041 for the estate filed

  • February 7, 2024
  • 1 reply
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Thank you, and as i suspected, the beneficiaries are responsible for reporting the cancellation of debt income.  My question now, is it my responsibility to hunt them down?  or will the IRS inform them?  I have lost track of 2 of them  (it has been 2 years).  Also, do i just send a copy of the 1099-C to them and they can report their respective percentages? Will the IRS even understand that? (my grandmothers social security number is on the 1099). Sorry, I am not a tax person and I am lost here.  I wasn't a beneficiary myself and i am not sure if i have any responsibilities after filing that last 1041.  I am wondering if i should just let the IRS do the leg work here.

    1 reply

    M-MTax
    February 7, 2024

    File Form 5495

    Discharge of liability.