[WSBAPT] SSN for sale of house

[Martin Silver]

and there is a step up in basis to fmv so often zero gain.  

From: Philip N. Jones 
Sent: Wednesday, December 19, 2018 4:47 PM
To: WSBA Probate & Trust Listserv 
Subject: Re: [WSBAPT] SSN for sale of house

I vote that you turn square corners and get an EIN.

Interesting factoid: When you get the 1099 from the title company showing gross proceeds, and you try to decide whether the estate is over the filing threshold for a fiduciary income tax return, remember this:  For purposes of determining whether a trust or estate has gross income in excess of $600, gross income does not necessarily include gross proceeds from the sale of a capital asset.  Instead, gross income includes an amount equal to gross proceeds minus basis.  Reg. §1.61-6(a).

Phil Jones

Portland

 

 

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Krista MacLaren
Sent: Wednesday, December 19, 2018 3:29 PM
To: wsba probate & trust <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] SSN for sale of house

 

Hi Listmates,

 

I represent the PR of an estate that has been ongoing for a couple of years.  There is a surviving spouse and most accounts were joint, so no estate account was opened, and no tax ID number was obtained.  The estate recently sold the house that had belonged exclusively to the decedent.  I am wondering what the ramifications are if the escrow company uses decedent’s SSN versus an estate tax ID for the sale. Escrow said we could change the tax id they use if we want to, before the 1099 goes out.  I am thinking it makes more sense to run this under an estate tax ID, since decedent’s final income tax return was filed two years ago, but I am not sure whether it matters.  Can anyone speak to the ramifications of each choice?  If it matters, the proceeds of sale needed to go to my trust account due to a minor beneficiary/GAL issue.

 

Thank you,

 

Krista J. MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116
kjm.inc at icloud.com

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