3 03 2023
TurboTax
2022 Tax year:
My Sister, Eileen, passed on Feb 1, 2021. I am the trustee for her estate.
I filed her income federal and state (AZ) taxes in 2020 and in 2021.
In 2021 and 2022, after three visits to the property, I upgraded the property and sold it. The property sale price $430,00 and expenses for travel, food lodging, fixups, settlement cost, insurance, security, etc., about $32,500.
How do I incorporate this into my federal and State (VA) taxes. Do I have to do another filing for my sister in Arizona, 2022 federal and state? (AZ)
What is my taxable amount? My mom passed in 2002 and they owned the property. This property was changed into her name in 2002. My sister paid the Real Estate taxes on this property and owned it in her name.
In 2019, she put this property in a trust and I was appointed the trustee in the event of her death.
How do I incorporate these proceeds into my taxes?
AlfredD
