What do I enter for the capital gain portion of the $30,569 on my K-1 for the sale of my deceased Father's home in 2021? It is the final and only K-1 I will receive.

[ThomasM125]

Can you clarify what line the amount appears on your K-1 from the trust? That would be a key determinant as to how it should be entered on your tax return.

[bodyworkbydawn-y]

The form was sent to me via mail by an accounting firm that works for the trustee of my father's estate.

The $30,569 was entered on line 4a.  The rest of the form was left blank.

[bodyworkbydawn-y]

Still don't know how to answer turbo taxes question regarding the K-1 form that asks ........

"Enter the portion of the gain from asset acquired after December 31, 2011". 

I don't think this question applies to the sale of a house in an estate but here is what I know..................The house was built in 1976 and paid off long before my father died.  I was not aware of the capital gain until December 15, 2021.   

My best guess is the portion I need to enter is the entire portion of 100% which equals $30,569 but I would like a professional or someone in the community to confirm that before I send in my taxes.  I do not want to pay for an accountant to do this that is why I pay Turbo Tax an arm and a leg to do it myself in the first place.  It should not be this hard to get an answer from Turbo Tax or Turbo Tax  community!!!!! 

The house gained $30,569 from the original appraisal upon his death October 2017 through nearly a 4 year period before the house was sold in May 2021.  

What is the asset?  Is it the total sum the proceeds from the estate or just the total sum of the one time capital gain from the sale of my deceased father's home?  What does the date of December 31, 2011 have to do with a one time and final disbursement of funds from an estate?  

[PatriciaV]

Yes, the amount shown on Schedule K-1 Line 4a represents your share of the long-term capital gain from the sale of the house. Since the rest of the K-1 is blank, this would appear to be the only activity for tax year 2021.

The date December 31, 2011, refers to special rules that applied to property inherited and sold during 2010, which would not apply to your situation.

[bodyworkbydawn-y]

Thank you for clarifying the special rules that apply to the December 31, 2011.  Turbo Tax needs to add a few more words to this question as you have.  However, you still have not addressed my entire question that Turbo Tax is asking...........

Turbo Tax asks, "Enter the "PORTION of the capital gain" from the asset(s) acquired after December 31,2011?"  

Assuming the money $30,569 is the "asset" Turbo Tax is referring to how do I answer this question correctly. 

I got this money in one lump sum in October 2021.  I think because I received a one time, one lump sum I should enter the entire amount of $30,569.  Is that correct?  I tried to enter 100% or ALL and it would not accept those letters or numbers.  Do I enter $30,569 in the box? 

By the way,I see an asset as a thing like a car or a house and money as something separate.

[DMarkM1]

Yes, you are correct.  The asset in this case is the home that was inherited after December 2011.  You will enter the entire gain on the sale of that asset (30,569).  

[bodyworkbydawn-y]

there are TWO (2) questions here.............

QUESTION ONE -  you answered by what to fill in on TT as the capital gain in sections 1-5 which is $30,569 that on my K1 form sent by the estate in box 4a.

QUESTION TWO - The there is another question on TT which is asking what is the PORTION OF THE GAIN from the assets I received.  Since it was a one time, lumpsum payment of $30,569 I think the answer to TT's question is " THE PORTION OF THE GAIN" would be the entire amount of $30,569.  DO YOU AGREE OR DISAGREE???

IF YOU DISAGREE THEN TELL ME WHAT TO PUT THERE PLEASE PLEASE PLEASE!!!

This is what I am waiting for someone to answer for me.  

[DaveF1006]

 To clarify, where is question 2 appearing. I ran this scenario in Turbo Tax online and this question never appeared.

[DaveF1006]

 To clarify, where is question 2 appearing? I ran this scenario in Turbo Tax online and this question never appeared.

@bodyworkbydawn-y