Cannot get turbotax business software to accept the sale date of home last year in family trust. message says the date falls out of tax year 1/1/18-3/31/18! Need help!

[ScruffyCurmudgeon]

Are you filing a Fiscal Year Form 1041

[bomo430]

This is the final return for the family trust. A CPA did the initial return which covered the period from 7/5/17 (date of death my mother) through 6/30/18. An extension was filed thinking the family home would sell by then, but it didn't sell until 9/26/18. Since this is the final return, is this called a "complex' trust? Thanks

[ScruffyCurmudgeon]

So, to be precise, this Final Form 1041 will be for the period of 7/1/18 through ending date no later than 6/30/19.  Please check with your CPA to make sure that the prior 1041 filing was compliant with
TCJA Effects - 26 US Code §15  see these documents posted relative to fiscal years that spanned 2017-2018
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-drop/n-18-38.pdf">https://www.irs.gov/pub/irs-drop/n-18-38.pdf</a>
<a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/uscode/text/26/15">https://www.law.cornell.edu/uscode/text/26/15</a>

[tagteam]

26 US Code §15  does NOT apply to estates or trusts (Form 1041). See IRC §1(j)(6)

[ScruffyCurmudgeon]

<a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/uscode/text/26/6034A">https://www.law.cornell.edu/uscode/text/26/6034A</... No reference to entities such as trusts/estates being exempt.

[tagteam]

Section 1(j)(6):  Section 15 shall not apply to any change in a rate of tax by reason of this subsection.

Section 1(j) lists the modifications of tax rates for taxable years 2018 through 2025.

There is NO blended rate for estate or trusts.

[bomo430]

how do I determine if the trust I'm filing is a simple, complex, or grantor trust?

[ScruffyCurmudgeon]

Found it - thanks

[tagteam · Accepted solution]

"message says the date falls out of tax year 1/1/18-3/31/18! "

First, ensure that you have input the correct date, considering your tax year, for the date of sale.

Further, ensure that you have not inadvertently selected a short tax year or a tax year that otherwise would not encompass the date of sale (see screenshot).

[ScruffyCurmudgeon]

I suspect that your date problem relates to the dates you entered at the very beginning.  You need to specify that your filing is a Fiscal Year filing for the dates as mentioned above 7/1/18 through ending date no later than 6/30/19