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Old 04-03-2012, 10:57 PM
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inherited house

My mother passed away in 2010. I filed her final return last year. In April, I rented out her house. I just received a 1099 from for the rent. My problem is that her mortgage, house taxes, and insurance are still in the "estate of" and not my name. I would like advice on whether I should filed the 1099 with my name on another final return for my mother, or if I should go ahead and claim it on my taxes. Side note: The house was put in mine and my children's name in Feb. of 2012. Any help you can give me would be great.



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Old 04-04-2012, 05:26 AM
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Join Date: Oct 2010
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“My problem is that her mortgage, house taxes, and insurance are still in the "estate of" and not my name. I would like advice on whether I should filed the 1099 with my name on another final return for my mother, or if I should go ahead and claim it on my taxes. Side note: The house was put in mine and my children's name in Feb. of 2012”------->I guess You can go ahead and claim it on your taxes. If the estate earns the rent income between the time of its creation and the time the last of the property of the estate is distributed to beneficiary, you, then , the rent income is subject to federal estate tax. The fiduciary of the estate (normally the executor) is required to file IRS Form 1041 on behalf of the estate and to pay the tax out of the estate's assets. On the date of death, the decedent ceases to be a taxable entity and their personal tax returns are calculated as if the date of death were the last day of the tax year. Any income after the date of death is taxable to the decedents' estate. In some circumstances the tax burden is passed to the beneficiaries by virtue of a distribution.



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