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Inheritance of farm from trust

carpema — Wed, 30 Oct 2024 18:19:18 GMT

When my mother-in-law died, 10/30/24 in Oregon, the 4 children (all adults1 in Oregon, 3 in Washington) received the farm in a trust. The trust sold the farm and the proceeds were split between four of us ($300,000 each). Do we need to claim this on our 2024 return or is it exempt? Do the Washington people need to file an Oregon tax return?

Thank you,

Michael Carpenter

[email address removed]

Re: Inheritance of farm from trust

Anonymous_ — Fri, 13 Dec 2024 22:55:41 GMT

Re: Inheritance of farm from trust

quorumof1 — Wed, 30 Oct 2024 18:46:17 GMT

There are estate considerations which have been given.

Typically after estate considerations, residual trust income might pass to the beneficiary through form K-1, which would have to be included on individual tax returns. The land, however, would not have to be reported until actually sold by beneficiary with stepped up basis consideration. (which is a good thing).

Re: Inheritance of farm from trust

Anonymous_ — Fri, 13 Dec 2024 22:55:51 GMT

Re: Inheritance of farm from trust

carpema — Wed, 30 Oct 2024 18:56:23 GMT

Thank you and no it was 10/30/2023

Re: Inheritance of farm from trust

Anonymous_ — Fri, 13 Dec 2024 22:56:01 GMT

Re: Inheritance of farm from trust

carpema — Wed, 30 Oct 2024 19:02:16 GMT

Not yet... The Property was sold in February 2024

Re: Inheritance of farm from trust

Anonymous_ — Fri, 13 Dec 2024 22:56:12 GMT