SmithTrust, I think you're just using language that could be confusing to experts. I think I understand what you're asking but I'm also likely to use the wrong terms for things (and yes, using the wrong terms can lead to bad advice because of the confusion).
Selling a home where the deed is in the name of the Trust should be a common situation.
When the Grantor of the Revocable Living Trust dies, the Trust becomes irrevocable and gets a new EIN number. All the assets are then used to cover estate expenses and eventually distributed to the beneficiaries in accordance with the Trust's instructions. If the house is deeded in the Name of the Trust and needs to be sold to accommodate the estate distribution to the beneficiaries, the Trustee will sell the house. The net proceeds are then distributed to the beneficiaries in accordance with the trust.
The gain would be the net amount of the sale less the value of the house on the date of death (finding the estimated value on that day may be difficult).
My question is where in TurboTax business would we enter the sale of a home? There doesn't seem to be a section for this.
