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Itemized Deductions Schedule-A


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Old 03-22-2017, 07:48 PM
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When the beneficiary of an estate is another estate

I have a question about how to report Final Year excess deductions (box 11A, Schedule k-1) on Form 1041 (i.e., the "beneficiary" is another estate, not an individual).

The Final year excess deductions reported for the "distributing estate" were approx. $9,000. The "receiving estate" earned about $1 in interest income.

The "distributing estate" also reported long term cap losses in box 11c. (I believe these would be reported on Sch D Form 1041, Part II, line 12 of the "receiving estate.")

The "receiving estate" is also in its final year. Can these final year deductions be passed on in whole or in part to the beneficiaries of the "receiving estate"?



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Old 03-23-2017, 04:22 PM
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if the estate has for its final year deductions excluding the charitable deduction and exemption in excess of its gross income on 1041, the excess is allowed as an itemized deduction or( on the beneficiary?s return)to the beneficiary succeeding to the property of the estate. If you have more fees than income in the final year of the estate, you may give them to the beneficiaries on line 11 of Sch K-1.



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