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Rochester New York Schedule D-1 (1041 Form) 2022-2023: What You Should Know

Do not file. If no Federal estate or trust filing requirement is imposed, or if Form 1041 is not required, the estate or trust should file, as follows. Form 1041 must be filed with a Certificate of Individual Federal Exemption on or before the last day of the third month following the year of death. Exceptions to this must be made by letter to the Chief Executive Officer of Estate Registry, IRS, Office of Estate Recovery. If no Federal estate or trust filing requirement is imposed, fill out Schedule D as follows: All income: If the sale of all or any part of the property will reduce or eliminate taxable income (in excess of any deductions), then that part of the property sold must be included immediately before or immediately after the sale, in computing the estate's adjusted basis that determines income tax obligations. Other Income: If any part of the property sold is sold for cash (including a decedent's life annuity) or other non-cash income and the estate or trust will not reduce or eliminate taxable income, then the portion of the property sold that is sold for cash or non-cash income must be included immediately before or immediately after the sale, in computing the estate's adjusted basis that determines income tax obligations. Adjusted Basis of Estate — The adjusted basis of the estate is determined by adding the basis of the decedent's life insurance policies that replaced the decedent's life annuity of 25,000.00 to the adjusted basis of the non-life-insurance policies. Adjusted Basis of Trust — The adjusted basis of the trust is determined by adding the interest accumulated on the non-life-insurance policies of 25,000.00 to the adjusted basis of the policy bonds. For estates or trusts that have a life insurance policy with a life annuity option that will not be converted to cash and whose adjusted basis is 25,000.00 or more, then the decedent's life insurance policy is substituted for the life annuity policy. If the proceeds from the property are not substantial enough to make the tax-deductible, include the proceeds in income of the recipient or other recipient as if the person selling the property were the decedent of the decedent's trust.

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