I'll try one more time to make sure I am getting this correct. Wife is the executor of her mom's Trust. The house was held by the Trust. There are 5 siblings who inherited the house in the Trust. Mom died in Feb. and house was sold in Aug. The Trust received net sales proceeds and then those proceeds were evenly split between the 5 siblings. So from what I have read and from what you and the other tax experts are saying is we would file this within Investment Income:
Click on Stocks, Mutual Funds, Bonds, Other.
Click on add more sales/ Enter Inherited Home as description, also inherited in date acquired and then enter dollar amounts and click continue. Problem is to get cost basis for back in Feb. 2021.
Click on Done on the next screen not entering any information.
Click No on the next screen then continue.
Click on the first box and enter any extra expenses, which there were.
Click on the next box and enter a positive or negative number depending the amount that the other 4 earned or owed in taxes.
Now the big question, Does All of this information go onto each siblings 1040 exactly the same?
One last thing, one sister said she talked to her CPA and was told she doesn't have to file this sale on her taxes.
