Re: Form K-1 Question


"verivin" <verivin@xxxxxxxxx> wrote
I just received a K-1 form from an estate that used
a "one-year from date of death" fiscal year (ending
April 30, 2008). Since I do my personal taxes by
calendar year, and even though the K-1 has 2007
on it, I would use it to complete my 2008 taxes
(in 2009)...is that correct?




Any items of income or deductions from that K-1 would be correctly reported
on your 2008 return.

Your reporting requirements are based on the year-end date on the K-1.

Ask the estate administrator if they expect to have the estate closed before
the end of 2008 so you know to be expecting another K-1 for this year - and
ask about the disposition of the assets - not to be a gold-digger, but to
inquire if they dump to a trust or other entity. Often times this is the
case and you'll have multiple K-1's to deal with for years.



--
Paul A. Thomas, CPA
Athens, Georgia



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