How do I enter information from a Grantor Letter?

[YANK46]

I see no best answer to this question.  Nor do I get much help from within the software.  It always wants me to amend an tax return.   My Grantor tax information letter has multiple forms indicated and for the most part I can't find them in the program.  I might have to look into other software to do my taxes in the future.   They just want me to keep spending more money to upgrade and if i do I have no idea if I will even get the information I need then.   Form 4797, Form 8995, Schedule E, Interest  Capital Gains.      This is a liquidating trust for a REIT.  

[YANK46]

Qualified business income?  Section 199a UBIA? Passive  Income?   No answer?

[tagteam]

@YANK46 

For your scenario, you would probably be better off using a desktop version of TurboTax and using Forms Mode (which the online versions do not support).

[Hiker23]

Hello Yank,

I seem to have the same situation as you.  If you find a solution to this I would appreciate if you would share it. 

[NewUser2day]

I went into forms mode on the desktop version and the lines that the grantor tax letter says to use are not open for me to type in.  Any suggestions?

[tagteam]

With respect to entering a (more complex) GIS into TurboTax, you basically have three options:

1. Enter the information in Step-by-Step Mode (which requires knowledge of which proper section to use in the program for each entry).

2. Enter the information in Forms Mode on the proper forms or worksheets (which may, in certain circumstances, require overrides which will void the TurboTax accuracy guarantee and require that the return be printed and mailed).

3. Enter the information as if a K-1 had been received in the K-1 section of the program.

[rk76]

Where do I enter Business Property Gain and ECI loss from a Grantor Tax Information letter

[MarilynG1]

@rk76 Click this link for into on How to Enter Sale of Business Property. 

"Generally, when a foreign person engages in a trade or business in the United States, all income from sources within the United States connected with the conduct of that trade or business is considered to be Effectively Connected Income (ECI)."

If this applies to you, click this link for more info from the IRS. 

[Hiker23]

Hello,

I have a Grantor Trust Tax Information Letter from HGR Liquidating Trust which is a liquidating trust for Hines Global REIT, Inc.  I know that this is a lot to ask but there seem to be a number of people having trouble with this.  Is there any way you would be able to provide specific instructions on how and where to enter the amounts below, specifically which form and field the amounts go in?  I am using the desktop version of TurboTax Deluxe.  This would be very helpful to me and I'm thinking other people with the same issue could use this as a guideline as well.  Here are the description and amounts.  Thank you in advance for any help you can provide.

Interest Income Information:--------------------------------------If Individual Taxpayer, Enter On

Interest Income on other than US Obligations--- $1----Sch B, Form 1040, Line 2B

Capital Gains Information:-------------------------------------------If Individual Taxpayer, Enter On

Business Property Gain of Loss:----- $90--------------------Form 4797, Part I, Column G

Unrecaptured Section 1250 Gain---- $90--------------------Line 11 of Worksheet for Sch D, Form 1040,

                                                                                                  Line 19

Miscellaneous Income Information:-------------------------If Individual Taxpayer, Enter On

Partnership Income from Passive Activities----- ($108)----Sch E, Form 1040 Part II

Hines Global REIT Properties, LP

EIN:  26-4000369

Qualified Business Income Information:----------------------------If Individual Taxpayer, Enter On

Section 199A Qualified Business Income----- ($39)--------Form 8995

Section 199A UBIA------------------------------------ $2479------Sch E, Form 1040 Part II

Hines Global REIT Properties, LP

EIN:  26-4000369

Effectively Connected Income (ECI) Information:------------------If Non-US Taxpayer, consult your tax advisor

Your share of ECI from underlying assets:--------->($18)

[DorothyJ]

It looks like a lot of us are having trouble with those Grantor Letters from HGR Liquidating Trust.  Would love to hear an answer to this.

[da1963]

I am having the same issues with the Grantor Trust Tax letter from Hines REIT or HGR Liquidating Trust.

Specifically, I do not know where to enter Section 199A UBIA on Schedule E, Part II.  What exactly do we enter and were do we enter this in Turbo Tax?  I'm at my wits end.

thanks

[Jacker]

You are not alone. I have the exact same problem with the Grantor Trust Letter from HGR. I am using the desktop Premier version. 

[DorothyJ]

Darn--I was hoping the Premier version of Turbo Tax might be the answer to the Grantor Letter problem!

[da1963]

I am using that version also.

I also don't think the Hines REIT letter was very clear.

[Hiker23]

Agreed - hopefully someone from TT will be able to help with this.  It's a complex issue but I think we would all be able to work through it with some guidance.