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K
KMACK
Level 4
April 5, 2020
Solved

Inherited Home & Form 1041

  • April 5, 2020
  • 1 reply
  • 14 views

My client inherited a home from his mother when she passed away in 2019.  He then transferred the home into his name and still owns it.  Does the transfer of the home from his mother's estate to him need to be reported as a distribution from the estate on form 1041?

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Best answer by sjrcpa

Yes, probably. It's a distribution of principal, not income.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
April 5, 2020

Yes, probably. It's a distribution of principal, not income.

The more I know the more I don’t know.
    K
    KMACKAuthor
    Level 4
    April 5, 2020

    Thank you for the quick reply.  That is what I was thinking, but I wanted a second opinion.

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