I am the trustee for a revocable living trust. The last tangible assets has been sold and we wish to disburse all funds. 1. What IRS forms, if any, do we need to file for the sale of personal property (82K)? 2. What forms need to be filed for each of the beneficiaries? The estimated share for each is approx 16K.
Hi,
Here is an article regarding trusts in TurboTax:
https://turbotax.intuit.com/tax-tips/estates/estates-and-trusts/L9f1Fywy8
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Unfortunately, we do not provide tax advice regarding trusts for our TurboTax Products. We do provide navigation assistance through the TurboTax software though.
If you have any questions you can contact us at 1-800-446-8848.
Thank you,
John
CPA
Hi, @Chapmlg509m3 , thanks for the question! But unfortunately, I am not allowed to advise specifically on issues relating to trusts, my apologies! I can only state in general that capital gains or losses from a revocable trust are normally reported on the grantor's personal tax return. Additionally, beneficiaries may need to report capital gains on their personal returns if they received distributions that created such. I hope this is helpful!