Rental Property Schedules
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Trusts and Estates
Trust and estate filings with precise beneficiary reporting
Navigate fiduciary returns, accounting requirements, and Brooklyn estate considerations with confidence.
- Comprehensive income allocation workpapers
- Support for estate sales of Brooklyn real property
- Beneficiary friendly K-1 explanation letters
What you get
- Complete preparation of Form 1041 fiduciary income tax return
- New York State fiduciary return preparation
- NYC fiduciary return preparation when applicable
- Schedule K-1 preparation for all beneficiaries
- Income and deduction allocation calculations
- +9 more included items
Simple process
1Trust or estate documentation review
2Income and expense gathering
3Income allocation and K-1 preparation
+4 more steps
Brooklyn-based CPA
Secure document exchange, same-day acknowledgement, and direct access to your tax preparer.
Comprehensive tax preparation for Brooklyn residents
We prepare Form 1041 returns, New York fiduciary filings, and NYC documentation when estates include city property. Our CPAs work with trustees and executors to prepare complete fiduciary returns. We handle both simple and complex trusts including revocable trusts, irrevocable trusts, grantor trusts, and complex estates. We ensure all income is properly reported and all deductions are properly claimed. We coordinate with attorneys to ensure compliance with legal requirements.
Income and deductions are allocated to beneficiaries with clear K-1 instructions and digital delivery. We prepare Schedule K-1 for each beneficiary showing their share of income, deductions, credits, and distributions. We calculate basis adjustments and ensure proper allocation of trust income. We provide detailed explanations of how each K-1 item affects the beneficiary's personal tax return. We deliver K-1s electronically and provide paper copies when needed.
We coordinate with attorneys to document distributions, maintain ledgers, and satisfy court or beneficiary reporting. We prepare accounting schedules showing all income, expenses, distributions, and remaining principal. We coordinate with probate courts and ensure all reporting requirements are met. We also coordinate with beneficiaries to answer questions and provide necessary documentation.
We handle Brooklyn-specific estate considerations including NYC property transfers, city tax obligations, and local probate requirements. We coordinate NYC Department of Finance filings for property transfers and ensure proper tax treatment. We also coordinate with Brooklyn courts on probate matters and ensure all legal requirements are met.
What's included
- Complete preparation of Form 1041 fiduciary income tax return
- New York State fiduciary return preparation
- NYC fiduciary return preparation when applicable
- Schedule K-1 preparation for all beneficiaries
- Income and deduction allocation calculations
- Basis calculation worksheets for beneficiaries
- Accounting schedule preparation for court or beneficiary reporting
- Coordination with attorneys on legal requirements
- Support for estate sales of Brooklyn real property
- NYC Department of Finance coordination for property transfers
- Probate court coordination and reporting
- Beneficiary communication and K-1 delivery
- Secure archive of all fiduciary returns and supporting documents
- Post-filing support for agency notices and beneficiary questions
Typical scenarios we handle
- Brooklyn estates with probate court requirements who need fiduciary return preparation
- Trusts with multiple beneficiaries who need accurate income allocation and K-1 preparation
- Estates selling Brooklyn real property who need NYC Department of Finance coordination
- Grantor trusts needing grantor trust election and reporting
- Complex estates with multiple assets and income sources
- Trusts with out-of-state beneficiaries who need multi-state allocation
- Brooklyn estates with NYC property that need city tax coordination
- Estates with ongoing trusts that need annual fiduciary return preparation
- Trusts with special allocation provisions that need careful income allocation
- Estates requiring court accounting who need detailed schedules and reporting
How we prepare your return
1
Trust or estate documentation review
We review trust documents, estate documents, and legal paperwork to understand the structure and requirements. We coordinate with attorneys to ensure compliance with legal requirements.
2
Income and expense gathering
We gather all income sources including interest, dividends, capital gains, and rental income. We review all expenses including trustee fees, legal fees, and administration expenses.
3
Income allocation and K-1 preparation
We allocate income and deductions to beneficiaries based on trust or estate documents. We prepare Schedule K-1 for each beneficiary showing their share.
4
Fiduciary return preparation
We prepare Form 1041 and all required state returns. We ensure all income is properly reported and all deductions are properly claimed.
5
Court coordination
We coordinate with probate courts and prepare accounting schedules when required. We ensure all reporting requirements are met.
6
Beneficiary communication
We deliver K-1s to beneficiaries and provide explanations of how items affect their personal returns. We answer questions and provide necessary documentation.
7
Post-filing support
We remain available to answer questions from agencies and beneficiaries. We provide audit support and coordinate any needed amendments.
Brooklyn and New York City considerations
- We ensure New York City fiduciary tax compliance for Brooklyn trusts and estates
- We coordinate NYC Department of Finance filings for property transfers and estate sales
- We handle Brooklyn-specific estate considerations including local probate requirements
- We coordinate with Brooklyn courts on probate matters and ensure all legal requirements are met
- We handle NYC property tax adjustments that may affect fiduciary returns
- We coordinate NYC nexus analysis for trusts with Brooklyn operations
- We ensure compliance with New York State and NYC fiduciary tax rules
Frequently asked questions
Can you help decide fiscal year elections?
Yes. We evaluate whether a fiscal year provides tax advantages for the estate or trust and file the election accordingly. We coordinate with attorneys to ensure elections align with legal requirements.
Do you support estate accountings?
We assemble schedules and reconciliations that align with attorney prepared accountings. We prepare detailed schedules showing all income, expenses, distributions, and remaining principal for court or beneficiary reporting.
How are NYC real estate sales handled?
We prepare transfer tax forms and ensure city estimated taxes are paid to avoid closing delays. We coordinate with NYC Department of Finance on property transfers and ensure proper tax treatment.
How do you allocate income to beneficiaries?
We allocate income and deductions to beneficiaries based on trust or estate documents. We prepare Schedule K-1 for each beneficiary showing their share of income, deductions, credits, and distributions.
What happens if distributions exceed basis?
Distributions in excess of basis are generally treated as capital gains. We monitor basis throughout the year and provide guidance on distribution timing to avoid unexpected tax consequences.
Can you handle complex trusts with special allocations?
Yes. We handle trusts with special allocation provisions and ensure income is allocated according to trust documents. We prepare detailed allocation schedules showing all calculations.
How do you coordinate with probate courts?
We coordinate with probate courts and prepare accounting schedules when required. We ensure all reporting requirements are met and coordinate with attorneys on legal matters.
What if beneficiaries are in different states?
We prepare multi-state allocation schedules when beneficiaries are in different states. We coordinate withholding requirements and ensure proper state reporting.
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