Resident parent dies, leaves house in trust to 2 daughter beneficiaries each 50%. Trust sells home receives 1099-S and files 2024 Fed and State tax return showing a small loss. Trust issues each beneficiary a K-1 with no taxable income and distributes the assets. Ca wants a 540NR but where do I put the non taxable distribution since neither daughter has to pay inheritance. What forms are needed?
-
-
"has to pay inheritance." - what does that mean?
Was there a California Schedule K-1(541) issued? You should be able to enter it in your software and generate a correct result, assuming you are using professional software A non-taxable trust distribution would not show up on an income tax return.
Welcome to the forum, your first post 8 years after joining!"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard
Comment