Will the loss of a loved one impact your own tax return?

Was there a death in your family?  Have you received some money from the estate?  Don’t be in a hurry to file your personal tax return.  Ask the estate representative if you’ll be receiving a K-1.  Most of the distributions you receive from an estate probably won’t be taxable, but there could be some taxable income reported on a K-1or 1099.  Sometimes the K-1 even reports a loss.  You’ll need to include that income or deduction on your own tax return.  (March, 2017)