Revocable trust only for house that was sold in December

Forum|Forum|2 years ago
December 28, 2023
1 reply
0 views

My mom passed away in September and her house was in a revocable trust. I am the trustee and the house was sold on Dec. 22, '23. I need to divide the proceeds between myself and two brothers, but I can't until after the first part of January due to my bank holding check for ten days plus three more for wiring money out. When I file a tax return for the trust for 2023, can I show money going to beneficiaries in 2023 since the house was sold in 2023 or do I have to file another tax return next year to show the money being sent to beneficiaries in 2024 instead?

Best answer by Anonymous_

No text available

Anonymous_Answer

Employee

No text available

bjsgreenAuthor

Thank you so much for the information. I was hoping there was a way not to file again next year and you gave it to me.

Critter-3

You will ONLY file the final 2023 return to either pay the taxes at the trust level or pass it thru to the beneficiaries on the K-1 forms(more common method). The corpus distributions are NOT reported on the form 1041 income tax return. If you are not sure what you are doing then please seek out local professional assistance.