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Author: GarryDL Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: 1099B has deceased & estate sales Date: 3/17/2000 10:36 PM
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I had requested a new account for the estate but all the broker did was change the name on the account. Therefore the 1099-B has transactions before and after death and uses the decedent's SS#.

My concern is with 1040 Schedule D and reconciling Gross Proceeds to IRS satisfaction. I'm using TurboTax and want to input only the Decedent's transactions. Then, will attaching a note that shows which transactions are which that total to the Gross Proceeds be the right thing to do?

GarryDL
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Author: RooCat Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 31999 of 121572
Subject: Re: 1099B has deceased & estate sales Date: 3/18/2000 1:35 AM
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I had requested a new account for the estate but all the broker did was change the name on the account. Therefore the 1099-B has transactions before and after death and uses the decedent's SS#.

My concern is with 1040 Schedule D and reconciling Gross Proceeds to IRS satisfaction. I'm using
TurboTax and want to input only the Decedent's transactions. Then, will attaching a note that shows
which transactions are which that total to the Gross Proceeds be the right thing to do?


I would go one step further and show that certain proceeds were accounted for under the estate FIN. To give you an example, show the dividends received all under the SS#, then subtract those belonging to the estate and show the FIN under which they were reported and why you are reporting them there. Same with the capital gains/losses, show the gross proceeds allocated to the estate. I don't know TurboTax's capacities so you might have to hand write it in as well as adding the note to the return.

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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32006 of 121572
Subject: Re: 1099B has deceased & estate sales Date: 3/18/2000 2:37 AM
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<< I had requested a new account for the estate but all the broker did was change the name on the account. Therefore the 1099-B has transactions before and after death and uses the decedent's SS#.

My concern is with 1040 Schedule D and reconciling Gross Proceeds to IRS satisfaction. I'm using TurboTax and want to input only the Decedent's transactions. Then, will attaching a note that shows which transactions are which that total to the Gross Proceeds be the right thing to do? >>

Your best bet would be getting corrected 1099's from the broker. If they won't do it, complain loudly as you close the account, preferably in person.

Second best is to creat a dummy entry on line 1 of the Schedule D. Put "see attached" in column a and the gross amount erroneously included under the decedent's SSN in column d. You may also have to dummy in dates (I'd use date of death) and an amount equal to column d in column e to get to a zero in column f. The goal is to get the 1099-B total amount reflected on the Schedule D without affecting the tax. Then attach an explanation, including the estate's EIN.

TMF ExRO
Phil Marti

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Author: GarryDL Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32057 of 121572
Subject: Re: 1099B has deceased & estate sales Date: 3/18/2000 2:13 PM
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Thanks for the replies. One of the IRS instructions noted that interest and dividends could be subtotaled and then enter Nominee Distribution. But I could not find anything similiar for Schedule D.

The estate accound with the broker has been closed and my personal account will soon follow once I get thru Fool School.

This is a great site! :-)

GarryDL

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