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spbrown
New Member

Do I report payments from property from my fathers trust? Do I report it when I receive it? ( the year) What form do I report in on? thanks

 
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Fern
New Member

Do I report payments from property from my fathers trust? Do I report it when I receive it? ( the year) What form do I report in on? thanks

The trust should issue you a K-1 for distribution of income and expense items. You will include the K-1 in your personal tax return.

Using Turbo Tax Premier:

Select Federal Taxes
Scroll down and select Show More at Business Items
Select Start or Revisit at Schedules K-1, Q

You will enter your K-1 under its category - Partnership, S-Corp, Estate. Once you have finished entering the information you will be returned to the summary page.

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Fern
New Member

Do I report payments from property from my fathers trust? Do I report it when I receive it? ( the year) What form do I report in on? thanks

The trust should issue you a K-1 for distribution of income and expense items. You will include the K-1 in your personal tax return.

Using Turbo Tax Premier:

Select Federal Taxes
Scroll down and select Show More at Business Items
Select Start or Revisit at Schedules K-1, Q

You will enter your K-1 under its category - Partnership, S-Corp, Estate. Once you have finished entering the information you will be returned to the summary page.

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