Inherited Home-Trust Sold

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • zeros
    Senior Member
    • Dec 2006
    • 921

    #1

    Inherited Home-Trust Sold

    Parent died and left condo to 5 children about 5 years ago. Went into trust and was rented for awhile when it didn't sell. It now sold and distribution was made to the 5. I think it was at a loss as the FMV at time of death was higher than the amount sold. What form do you report the loss on? I assume it would be a reportable loss?
  • Lion
    Senior Member
    • Jun 2005
    • 4699

    #2
    Trust

    If the trust sold the house and distributed the proceeds, then the trust reports the sale on Form 1041 and Forms K-1.

    Comment

    Working...