Turns out that the Trust pays the taxes and it is a long-term capital gain because it is "INHERITED". No K-1 is necessary and no State return required - no taxa...
It's a complex trust, 2023 is the initial return and final return.The original trust was a Revocable Living Trust for the beneficiary's mother. She passed away ...
Thank you!The sale of the house would be 50/50 split between the Trust and the surviving spouse; right? That is how the checks were distributed. $83K to the sur...
DOD was was 10/2011....basically... the trust was created to make sure the dying spouse (beneficiary's mother) could pass along her 50% interest in the primary ...
Form 1041, TTEE and Beneficiary are the same person and the only TTEE and beneficiary associated with the Trust.2023 Form-1041 will be both "initial" AND "final...
