I am 1 of 4 beneficiaries of my grandmother's house that was held in a trust. The trustee sold the house for under market value, with no gain on sale after the step-up in basis. The trustee issued each beneficiary a check payment for their portion of the proceeds per the trust and with no other documentation. The trustee said I don't have to report the payment on my taxes since there was no gain, and they will not be sending me any tax forms for the payment that I received. Is it correct that I don't have to report the money I received as a beneficiary on my taxes? Should I have received any tax reporting forms from the trust?
