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<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">
<DIV>and there is a step up in basis to fmv so often zero gain. </DIV>
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<DIV style="font-color: black"><B>From:</B> <A title=pjones@duffykekel.com
href="mailto:pjones@duffykekel.com">Philip N. Jones</A> </DIV>
<DIV><B>Sent:</B> Wednesday, December 19, 2018 4:47 PM</DIV>
<DIV><B>To:</B> <A title=wsbapt@lists.wsbarppt.com
href="mailto:wsbapt@lists.wsbarppt.com">WSBA Probate & Trust Listserv</A>
</DIV>
<DIV><B>Subject:</B> Re: [WSBAPT] SSN for sale of house</DIV></DIV></DIV>
<DIV> </DIV></DIV>
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<P class=MsoNormal><SPAN style="FONT-SIZE: 14pt">I vote that you turn square
corners and get an EIN.<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 14pt">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).<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 14pt">Phil
Jones<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 14pt">Portland</SPAN><SPAN
style="FONT-SIZE: 14pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 14pt"><o:p></o:p></SPAN> </P>
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<P class=MsoNormal><B><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri",sans-serif'>From:</SPAN></B><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri",sans-serif'> <A
href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</A>
[<A
href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</A>]
<B>On Behalf Of </B>Krista MacLaren<BR><B>Sent:</B> Wednesday, December 19, 2018
3:29 PM<BR><B>To:</B> wsba probate & trust <<A
href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</A>><BR><B>Subject:</B>
[WSBAPT] SSN for sale of house<o:p></o:p></SPAN></P></DIV></DIV>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Hi Listmates,<o:p></o:p></P>
<DIV>
<P class=MsoNormal><o:p></o:p> </P></DIV>
<DIV>
<P class=MsoNormal>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.<o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><o:p></o:p> </P></DIV>
<DIV>
<P class=MsoNormal>Thank you,<o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><o:p></o:p> </P>
<DIV>
<DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><SPAN
style='FONT-SIZE: 9pt; FONT-FAMILY: "Helvetica",sans-serif; COLOR: black'>Krista
J. MacLaren<BR>Attorney at Law<BR>Northgate Executive Center II<BR>9725 3rd Ave
NE, Suite 600<BR>Seattle WA 98115<BR>(206) 523-6116<BR></SPAN><A
href="mailto:kjm.inc@icloud.com"><SPAN
style='FONT-SIZE: 9pt; FONT-FAMILY: "Helvetica",sans-serif'>kjm.inc@icloud.com</SPAN></A><SPAN
style='FONT-SIZE: 9pt; FONT-FAMILY: "Helvetica",sans-serif; COLOR: black'><BR><BR>Please
note, as with most email providers, Mac does not encrypt email messages.
Accordingly, the confidentiality of messages sent to this address cannot be
assured. This e-mail is intended for viewing only by the individual or entity to
whom its content is addressed, and it may contain confidential or privileged
information. If you received this email in error, please honor the privacy of
the intended recipient: reply to the sender regarding the error and delete the
message.<o:p></o:p></SPAN></P></DIV></DIV>
<P class=MsoNormal><o:p></o:p> </P></DIV></DIV>
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