Were you given a cost basis of the property that you received? If you do not know that information, you should contact the trust manager to acquire that information.
After you determine your cost basis, you will report the sale of the property on IRS form 8949 / Schedule D Capital Gains and Losses.
You will report: Selling price less Cost basis less closing costs equal capital gain or loss.
In TurboTax CD/Download Premier click SEARCH in the upper right hand corner of the screen.
- Enter 'sale of second home' in the SEARCH screen.
- Click on 'Jump to sale of second home'.
- At the screen Did you sell any investments in 2022, click Yes.
- At the screen Did you get a 1099-B or a brokerage statement for these sales, click No.
- At the screen Tell us about this sale, click I'll enter one sale at a time.
- Enter the sale information.
If you have additional information or questions, post here for assistance.
@Iammamie
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