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Retirement tax questions
I agree with @Critter-3: consult with a local tax professional (or legal counsel).
@Carl wrote:.....if your state taxes personal income. If the property was titled to the trust and then sold, then "you" didn't sell it; the trust sold it. The sale would be reported on the 1041 trust return......
A "land trust" is somewhat of a term of art and does not necessarily indicate that the property was in an actual trust (at least not the type of trust that would require a 1041 be prepared and filed upon the death of the grantor).
‎November 10, 2022
1:56 PM
1,407 Views