How will taxes work if sold a property that you were the trust holder of? We don’t have a trust tax id so used my SS.We have never claimed anything tax wise of property.

[KittyM2]

What type of trust do you have? 

[Carl]

Sounds to me like you really don't understand how things work with a trust. *You* can't sell anything owned by the trust. Only the trust can sell it. You may be "agent" for the trust or something like that, but if it's a legitimate trust, then that trust *MUST* have an EIN. All transactions of the trust are reported on the 1041 trust tax return. Then if you are a benificiary of that trust, any transactions performed by the trust that are benificial to you personally, would be reported to you by the trust on a 1041 K-1 form. You'd use that K-1 to complete your personal 1040 tax return.

Overall, I highly suggest you seek professional help; especially if you are the designated/legal administrator of the trust. Mistakes made by the trust administrator on the 1041 Trust return will result in a fine being assessed on the Administrator of that trust, and not the trust itself. So please seek professional help on this ASAP.

[kaylachapman424]

Everyone in the trust was in agreement to sell the property. I was just the trustee, but am not a beneficiary of said trust. Since there was literally only a property in the trust, that was just vacant land. There was profits made on the land when sold but other than that the taxes were very straight forward just paying the land taxes.

[Anonymous]

the trust, not being a grantor trust - you are trustee and not the sole beneficiary, should have obtained a tax ID # and the 1099-S should have been issued to it.  a first and final tax return should be filed, all the income and expenses would be distributed to the beneficiary.       you being the trustee are responsible for filing the return. 

you  also have a problem that now the IRS will have a 1099 with your SSN. 

what you need to do is obtain an ID# and file a return as mentioned above.         

then you need to file a 1099-s reporting the trust as the actual recipient

from IRS 1099 instructions

 Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts allocable to each. You also must furnish a Form 1099 to each of the other owners. File the new Form 1099 with Form 1096 with the Internal Revenue Service Center for your area. On each new Form 1099, list yourself as the "payer" and the other owner as the "recipient." On Form 1096, list yourself as the "Filer." 

[Anonymous_]

I concur 100% with @Anonymous.

The first step should be obtaining a tax ID number (TIN) for the trust (since it is a separate entity).

Subsequently, since you are a nominee recipient (you used your SSN), you need to submit a 1099 to the trust, showing you as the nominee and the trust as the actual recipient, with a copy sent to the IRS.

Next, when you prepare your personal income tax return, you need to show this "nominee distribution" (from you to the trust) whereby you received the proceeds as a nominee and the trust as the actual recipient.

Finally, you need to prepare (or, preferably, have a professional prepare) the Form 1041 for the trust with associated K-1s for the beneficiaries showing the proceeds that were distributed and allocable to each beneficiary.