My question involves estate proceedings in the state of: N.J.
I am about to close out an estate that began in Nov 2013 & basically have the tax returns left to file. The house was entered into contract late October & closing was on January 7 2015. The accountant says the estate will require a return this year & a final tax return in 2016 as the closing was this year. The difference between fair market value ($214,000.00) & the actual net income of the sale (214,600.52) was about $600.00, can't that go on a 2015 Federal & State return & close the estate or do I need to wait another year & then report the sale.
I am about to close out an estate that began in Nov 2013 & basically have the tax returns left to file. The house was entered into contract late October & closing was on January 7 2015. The accountant says the estate will require a return this year & a final tax return in 2016 as the closing was this year. The difference between fair market value ($214,000.00) & the actual net income of the sale (214,600.52) was about $600.00, can't that go on a 2015 Federal & State return & close the estate or do I need to wait another year & then report the sale.
Estate Assets and Debts: Last Tax Return for an Estate
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