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Investors & landlords
This income is reported in the following manner in your form 1041 in Turbo Tax.
- Go to federal taxes
- Income
- investment Income
- Stock, Mutual funds Stocks and other
Once you have reached this section. here is how you will proceed with the rest of the interview.
- The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
- Next question asks if this was an investment acquired from a decedant. Here you will answer yes or no.
- Next answer the question about financial institution from the drop-down that will appear..
- Now you will enter information about the farmland sale. What you enter here will determined your capital gains tax for the year. Items such as:
- Description – Usually Once he address of the property sold
- Sales Proceeds – The amount you received for the sale
- Date Sold – Date you sold the property
- Cost or other basis (This is where you put the purchase price of the home
Once the information is entered, a capital gain or loss is determined and gets passed on to the beneficiaries. Also the tax owed, if any, is passed to the beneficiaries and the beneficiary, and not the trust or decedent's estate, pays income tax on their distributive share of income
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February 4, 2025
2:44 PM