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How to report distributions of principal from a Trust
Our mother had a revocable trust. It included several rental properties and a mutual fund. When she passed away in 2022 her revocable trust became an irrevocable trust. We (my sister and I both sole trustees and beneficiaries) sold all the properties and now want to distribute all assets and close out the trust. The trust did earn any income after becoming irrevocable. I am using the Business & Trusts version of TurboTax but cannot see where to report the principal distributions or even enter in the starting assets.
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‎January 21, 2023
1:05 PM