I'm doing the taxes (fiscal yr 09/10) on an estate in its first year. The decedent died in July 2009, so I'm filing From July 09 through June 10. There is a rental house in the estate which I'm using 1040SE for as in the 1041 instructions. With all the expenses due to repairs, etc, plus other expenses of the estate, the taxable income is a negative number (almost $3000 in the red). The estate hasn't closed, and we should be closing everything next month. There may be some income in August that will probably be less than the loss. Do I need to file any form with the 1041 for 09/10 or do I wait and file the NOL in 10/11? And what form do I use to do that?
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There's nothing special to file with the 1041 for 6/30/10.

You carry the NOL over to your 2010-11 fiscal year, which sounds like it will be a short year. To calculate the NOL correctly, see IRS Pub. 536, which has worksheets and other guidance.
http://www.irs.gov/pub/irs-pdf/p536.pdf

Then if you have negative taxable income in the following final year, you have "Excess Deductions on Termination" which is reportable on the beneficiary(ies) K-1 for the final year, and which they deduct as an itemized deduction.

Bill