Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: slojo Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122095  
Subject: NOL on estate income Date: 8/14/2010 3:29 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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?
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Remembrance and Reflections
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.