topic Re: 1099-S in Get your taxes done using TurboTax

1099-S

silverton — Wed, 11 Mar 2020 19:02:24 GMT

I am the trustee of a irrevocable trust that only had the grantors home in it, no other assets. The trust was established in 2013. The grantor passed away in May of the 2019 and the home was sold in August 2019. I received a 1099-S from the buyers attorneys. How do I file this and also let Uncle Sam know this is the final return of this irrevocable trust. I believe that there are no taxes due. Thanks for any help, I need it.

Re: 1099-S

Anonymous_ — Wed, 11 Mar 2020 19:22:06 GMT

Are you using TurboTax Business? If so, enter the transaction under Investment Income (click the Start or Update button to the right of Home Sales).

Re: 1099-S

silverton — Wed, 11 Mar 2020 19:48:36 GMT

Thanks for your help Champ. I have not yet purchased Turbotax Business, because I'm not sure it could walk me through the Irrevocable Trusts aspects of the return. What do you thinks?

Re: 1099-S

Irene2805 — Wed, 11 Mar 2020 19:51:57 GMT

tagteam is correct -- report the transaction as the sale of investment. Please follow these steps:

In the return, click Federal Taxes > Income.
In the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other.

To indicate that this is the final return:

Click General Info > About your Trust or Estate
Click the Edit box next to the name of the estate.
On the next screen, indicate that this is a final return and the month the estate closed.

Re: 1099-S

Anonymous_ — Wed, 11 Mar 2020 19:52:42 GMT

@silverton wrote:

I have not yet purchased Turbotax Business, because I'm not sure it could walk me through the Irrevocable Trusts aspects of the return. What do you thinks?

What is the alternative, other than trying to prepare the return manually?

Re: 1099-S

silverton — Wed, 11 Mar 2020 20:36:29 GMT

Thanks, I'll give it a try..