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@Opus 17 wrote: Look up "Advance Fee Scam" on your favorite search engine.  https://en.wikipedia.org/wiki/Advance-fee_scam   Almost certainly a scam. Why would someone you presumably don't know and have never met gift you money, @schultzprojectmanager?

I understand your position, but the problem is you don't own the farm, the trust does and the expenses should be deducted at the trust level.   If your attorney is of the opinion that it is proper for both the trust AND you to file a Schedule F, then why did you even bother posting this scenario on this board?   I'm not going to argue with the manner in which your attorney suggested handling this issue (although I personally wouldn't advise a client in the same manner), but I can't imagine how this won't raise issues with the trust reporting virtually all of the income on its 1041 (from Schedule F) and you reporting only $1 worth of income with a number of expenses thus showing a loss on the Schedule F you would be filing with your 1040.   Good luck.

Thanks again for your feedback after the extensive research. I really appreciate it. The recipient in this case my wife generally uses the original owner's cost basis per IRS guidelines, and the original cost basis for this asset has been moved to 2001 per India Govt Guidelines. Therefore, as stated, with a certificate in hand confirming the asset cost basis as of 2001, we should be good to go and will proceed.

Be extremely careful.  Use some of that money to hire a lawyer before you send any money to anyone.     Look up "Advance Fee Scam" on your favorite search engine.  There are thousands of examples.  Never pay out money to get more money.   The US does not tax large gifts to the recipient.  (There is a report that must be filed for gifts from foreign persons of more than $100,000 but there is no tax owed.)   If the Netherlands or England supposedly taxes this gift, that tax should be paid by the giver before the balance is sent to you, not paid by you before you get the money.     Assuming this is a real gift, gifts are gifts, not contracts.  Once you get the money you can legally keep it all.  If this is a contingent gift (you must do X to get Y) then it is a contract and you should have any contract involving that large an amount of money reviewed by a competent attorney before you agree to anything.  Attorneys also have escrow accounts that can hold the "taxes" so they are paid properly, if they are real.   But it's probably a scam. 

You only needed AGI in order to e-file.   E-filing is now permanently closed for 2024 or any earlier year returns, so AGI no longer matters.   The only way you can file your 2024 tax return now is by mail.   Print it, sign and date it in ink, and mail it in an envelope.     When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.  

See this TurboTax support FAQ on how to update your TurboTax account information - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-status/update-turbotax-account-information/L0YoC0H31_US_en_US?uid=mhywoskz