Investors & landlords

Thanks for the reply.  No it is not a trust.  The intent was to split everything three ways, which is a method not uncommon in the state of the farm (South Dakota).  I think the brother-in-law was waiting to send any dollars to my spouse until after the 2021 taxes for the deceased are settled.  So, in my opinion, since my spouse did not receive any income from the renter in 2021, he should therefore not report it on 2021 tax return (with the exception of the CRP which we will report as part of 2021 tax return).  We will report renter dollars received as part of 2022 taxes as received.

 

Schedule E as you mention should be part of the Turbo Tax Deluxe so I should not have to buy the Home and Business Edition of Turbo Tax.

 

I appreciate comments.