AnnetteB6
Employee Tax Expert

Business & farm

If the land was held in a trust or an estate, then the sale will be reported on the tax return filed by the trust.  Part of that tax return is the K-1 generated for each beneficiary of the trust, such as your wife.  

 

You will need to have her K-1 from the trust in order to report the sale as part of your personal tax return.  Contact the administrator of the trust to request the K-1 for your wife.  If the tax return for the trust has not been filed yet, then the K-1 will not be available.  

 

You may need to consider filing an extension for your personal return or filing an amended return after you receive the K-1 if it is not provided to you before the April tax deadline.

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