Trusts

Forum|Forum|5 years ago
April 21, 2021
1 reply
10 views

I am trustee for a trust of a friend. Her husband pre deceased her and did not have a will. The only thing in the trust is selling her house which was half her husbands. In compliance to Texas law I gave each of his 5 children 1/5 of his half upon the sale of the house. How do I tell TurboTax that?

TurboTax Business Windows

M-MTax

Level 15

Enter the sale as the sale of investment property just like a stock or bond was sold and issue K-1s to each of the 5 beneficiaries for their share of the gain......if there was any gain.......or loss if the trust had a loss after selling expenses.

Janet59Author

Level 2

They are not beneficiaries of the Trust. For the half of the proceeds that belonged to my friend she had 5 different beneficiaries. The Trust is only for my friend's half.

M-MTax

Level 15

You're doing a return for a trust or an estate? I assume it's a trust but what are its terms? Was the house in the trust and did the trust then sell the house? Who are the beneficiaries of the trust? Is it just your friend?