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At time of death the descendant's principal residence was in arrears on the mortgage. It was foreclosed and sold at Sheriff's sale one year later. The estate received a 1099-A from Fannie Mae.
At the time of death the home's market value was $175,000.
The mortgage balance at time of foreclosure was $380,000; that included $40,000 in penalties and fees.
For some reason the 1099-A puts $340,000 as the fair market value.
No 1099-C has been issued.
Question 1) How should this get reported on the Estate 1041 Return?
Question 2) Is there any primary residence tax exclusion that goes with the sale?
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This forum is closed and we are no longer accepting new posts. If you are interested in starting a discussion with California CPAs, please visit our Estate Planning forum at: http://calcpaestateplanning.ning.com/
Thank you,
CalCPA
http://www.calcpa.org
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Member
Group: Forum Members
Last Login: 11/25/2011 5:24:15 AM
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As I don't have much knowledge about the probate, wills and trust but i can suggest you some of the links with the help of which you will get maximum help in solving your issues.
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For more information visit Florida Probate Administration | Florida Probate FAQ
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Member
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Last Login: 12/16/2011 9:19:07 PM
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Recently witnessed the forum and looking around for more information. Keep sharing.
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Member
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Last Login: 2/11/2012 1:28:26 AM
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