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Investors & landlords
Update> I had a professional do her taxes as recommended. Turns out that since it was a living trust and the house was sold prior to her death, the trust didn't file any taxes for 2019. The gain (which was excluded by using the one time gain rule) and the accrued interest were reported on her taxes; the last to be filed for her. For 2020 the trust will file a return for simply the income on the interest it is earning in 2020. It will be the last one it files too because it will be distributed prior to the end of the year. Hope this helps someone else in the same boat and prevents them having to spend the >$700 for the professional....... that's why I use Turbo Tax.
March 16, 2020
5:18 AM