Dave, yes you are correct. Here's the issue: It has to be reported on form 8283 under Part II "Partial Interests and Restricted Use Property". I've called the Turbotax help line and the person did not understand the issue and tried to tell me that form 8283 isn't used with a 1040 form. That shows the people working the phones don't understand how taxes work.
My only question is, can "Turbotax Home & Business" actually allow someone to report it in Part II "Partial Interests and Restricted Use Property" on form 8283? I've read other conversations from last year here in intuit turbotax and no one has accurately explained 1) that it can be entered in Part II and 2) how to do it. This version of Turbotax clearly has limitations in what you can enter. If you think that it's possible, can you open up "Turbotax Home & Business" and enter a hypothetical unitrust example and get it to show up correctly in Part II? If it shows up in Part I then the IRS will not accept it as filed correctly. Thanks in advance for your help.
