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Kendall1982
New Member

My grandparents estate was sold and I received $3000 from this sale. Does this count as capital gains and do I need to report it? I have not received any tax documents

 
2 Replies
tagteam
Level 15

My grandparents estate was sold and I received $3000 from this sale. Does this count as capital gains and do I need to report it? I have not received any tax documents

"I have not received any tax documents"

 

You should wait for the tax documents to arrive. However, in the interim you should be able to contact the  executor (id there was a will) or administrator (if there was not) and that individual should be able to give you some sense of whether the $3000 consists of any taxable income or gain.

KurtL1
Expert Alumni

My grandparents estate was sold and I received $3000 from this sale. Does this count as capital gains and do I need to report it? I have not received any tax documents

You should receive a Form K-1 from the estate. How you report the amount on your return will be shown on the K-1.

 

The K-1 on the estate is normally due to the beneficiaries by April 15th of the following year. If you have not received the K-1 you should contact the individual that sent you the check to find out when to expect the K-1.

 

If the K-1 will not be received until after April 15th you can file an Extension on your return. See How to file an extension.

 

When you receive the K-1 you would enter it in the Income and expense section of the program. To enter the K-1 you should:

  1. Find Search area in the upper right of the screen
  2. Enter K-1 in the search box
  3. Select K-1 Estates in the drop down menu
  4. A question will come up Where do I enter my K-1? 
  5. Select Go to K-1
  6. Begin entering the K-1 information on the screens.
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