Grantor Trust Statement.

[georgefvesley]

Last year I received a K-1.  This year I received a Grantor Trust Statement.  TB says to treat as if 1099 B etc.  I still own part of the trust and expect to receive income/loss in 2018.  I have not completely sold.  How do I report?

[Critter · Accepted solution]

On the statement they should have the income listed by type ... so if you have interest you would enter it in the interest section of the TT program, dividends in the dividend section, etc..... this is what happens when you enter a K-1 form ... the individual pieces are sent to the separate sections in the program automatically ... with a statement you will do the same thing manually.

[georgefvesley]

If Int or Div yes.  What about 1231 gains/loss?  what about Ordinary Business income?  If entered in investment, you need a date of purchase and sale.  I still own part of trust.  Did not sell in 2017.  I expect income/loss in 2018.  What about other rental income?  Enter as misc. income?

[Critter]

1231 gains/loss  goes on the dividend entry screen.  But this trust has ordinary & rental income ?   Why are they not issuing a K-1 this year ?   I would investigate that further.

[georgefvesley]

The investment was a limited partnership leasing equipment.  They suspended leasing and transferred assets to a liquidation trust for disposal of equipment.  The was not any interest or dividends reported, only other rental income and ordinary business income loss.  There are still assets in the trust and I expect income or loss in 2018.  How do I report the income and loss?  I am using TT Home and Business.

[Critter]

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.
See this TurboTax support FAQ for a contact link and hours of operation -<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number">https://ttlc.intuit.com...>