Thank you.
Yes, I got an EIN number when we prepared to sell the house and the 1099-S has that number on it.
So to make sure I am understanding this....the responsibility of telling the IRS about this transaction lies with the "Living Trust" in the name of my mother. The "gross proceeds" are written down to $0, no K-1s are issued, and that is the end of the paperwork.
But on the personal 1040 taxes of my brother, sister and myself...we don't report the distributions we each received on our 1040s? Is that correct? I thought that is what the K-1 was for? The only reporting of the money is done on the 1041? Doesn't the IRS need to know where the $345,000 from the "Living Trust" was distributed?
