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Form Instructions 1041 Downey California: What You Should Know
For additional information on reporting deductions, expenses and credits, you may also want to Form 1040/INVESTOR'S STATEMENT FOR ESTATE (Form 1040A) For the 2023 annual tax return prepare for 2. 1040A: Estate (Reverse) 1040A.1. General information A person qualifies to obtain the tax deduction for the rental of real property if: The rental of the real property, excluding property to which the tenant is entitled as a beneficiary by a will or a 2021 Estimated Tax Worksheet, is: A bona fide rental of real property. For purposes of this paragraph, real property refers to property used in a bona fide rental of properties (including any rental of a personal residence) owned by the decedent or by one of the decedent's authorized representatives as described in Section 1042 (a). Real property is not limited to a residential property on a street or other legal basis; it includes land. A property used in a bona fide rental shall: (A) For the part of the year for which the deduction is claimed, have been used by the decedent in the active conduct of a trade or business; and (B) If the tenant is a beneficiary by a will or a qualified limited liability company, be an irrevocable power of attorney from the decedent specifying, for each such tenant: (1) A representative who will receive the distributions from the estate; (2) A representative who will receive the distributions from the estate; and (3) An address where a representative can be contacted (for example, a phone or P.O. Box); Provided, that no tenant may be listed more than once on the form. All persons listed are entitled to the rental deduction. A person may qualify for the credit if such person has used real property, in whole or in part, in a rental of properties to which the tenant is entitled by a will or by a qualified restricted limited liability company (as defined in Section 1042) as described in Section 1042 (a). The use of the property includes a lease, rental of a condominium unit, a deed in lieu of lease for a condominium, property that is a part of a rental arrangement and property that is being rented by the decedent and is used in a bona fide rental.
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