Greetings all.
So I'm working on entering income from a Trust in which I am the Trustee and my parents are the grantors.
I received 1099B's for the Trust, that show both Long Term and Short Term Capital Gains.
TurboTax is asking if any of these investments were acquired from a decedent?
So if I'm reading this correctly, the answer would be "Yes", since these accounts were previously owned by my parents and passed to the Trust when it was created.
Is that correct?
Which would mean that all gains would be treated as long term?
As always, many thanks for your expert input.
