Dad died 1980 placed 240 acres of farm ground in trust for siblings. Also gave mom 80 acres in her name. Mom recently passed and ground will be sold. How are capital gains calculated on 240 acres sold out of trust, and 80 acres sold from moms estate?
The trustee and the executor will file trust and estate returns and issue a K-1 form to the siblings to report on their personal tax returns.
Here's some general info on Capital Gains to help you:
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