My father passed Jan 2024 and sold his home Oct 2024 that was in a real estate trust (Grantor).
EIN was set up and most proceeds from sale were distributed (4 beneficiaries), with small residual remaining for any unexpected additional costs.
I have the FMV value and there was a gain on sale step up of approximately $3,000
I received a Form 1099-S with line item 2 gross proceeds and line item 6 buyers part of real estate tax filled in.
Where on Form 1041 do I put the FMV and Form 1099-S info?
Can I include as deductibles costs incurred to make repairs/improvements to home prior to sale to offset the gain?
Where do I put the info on small residual remaining in account, or wait until doing 2025 taxes at which time the residual will have been distributed to beneficiaries?
Thank you.
