I'm sorry for your loss!
The sale of the land should have been reported on the tax return for the trust and you should have received a K-1 for your share.
However, if you are entering it in your return, be sure to enter just your portion and enter the NET amount.
The sale of land is considered the sale of an investment. You can report the sale in TurboTax using these steps:
- Click on Federal > Wages & Income
- In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
- If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
- If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2019? Click the Yes box.
- On the screen, Choose the type of investment you sold, mark the button for Other and click Continue.
- On the next screen, Enter Land Sale Information, enter the sale information. Be sure to enter the NET proceeds.
- On the next screen, enter the sale date.
- On the screen, Tell Us How You Acquired This Property, mark the radio button for Purchase and click Continue.
Continue through the screens, entering the requested information
