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If there was a gain on the sale, tax was due, and the trust paid all of that tax, then you and your sibling will not have any federal income tax liability.

 

On the other hand, if there was a gain on the sale, tax was due, but the trust did not pay the tax due, then you are likely to get a K-1 (1041) showing the gain on the sale (which you would report on your individual income tax return).

 

You can contact the trustee for information as to the selling price, cost basis, and whether tax was paid by the trust and whether you will be receiving a K-1. 

 

There is also a chance that there was no gain on the sale, in which case neither the trust, nor you or your sibling would have any tax liability.

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