Filling out Form 8855

Technical topics regarding tax preparation.
#1
Kris S  
Posts:
111
Joined:
18-Mar-2020 11:11pm
Location:
Southern California
I am trying to fill out a form 8855 for a trust and an estate EIN.

Trust has a rental property that is expected to be sold within 11 months of decedents death which will have a loss that I would like to use against 1099R taxable income. 1099R income would in one year and loss in another year without the Sec 645 election.

All of the 1099R's forms came with the trust EIN. There were no 1099 forms received for the estate. I would like to use the EIN of the trust and not the EIN of the estate for the return if possible. There is a pour-will that puts the estate assets into the trust but there will be a California Probate as the non-trust assets exceeded the small estate limitation.

1) On the Form 8855, the trust is listed in Part III but what EIN is listed in Part 1 if I want to use the trust EIN because all of the 1099R's came under the trust EIN? Can I put the estate EIN in Part 1, the trust in Part III and file the return under the trust EIN?
2) Or because there are EIN's for the trust and estate then I need to file the return using the estate EIN?
3) If I have to use the estate EIN for the tax return, is it a problem to use the estate EIN when all of the 1099R forms are using the trust EIN?

Thanks in advance.
 

#2
Kris S  
Posts:
111
Joined:
18-Mar-2020 11:11pm
Location:
Southern California
I am still working on this return and waiting to get past the chosen fiscal year end to be able to file. After reading a lot this is what I found.

4) Since their are both Estate and Trust EIN's, I use the Estate EIN.
5) On form 8855, Part 1, I put the Estate information.
6) On form 8855, Part III, I put the Qualified Revocable Trust information.
7) The IRS will pick up the information reported under the Trust EIN and know that it is reported on the combined Estate and Trust tax return. And if not, I will write them a letter and explain there was a 645 election (which in Lacerte you elect on a different screen then where you enter the form 8855 information.)

Now my questions are any comments about the above and has anybody had issues with this election and suggestions on how to avoid them?
 


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