Tax Forms

Forum|Forum|3 years ago
March 18, 2023
1 reply
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We sold my wifes portion of her Family farm trust land. I know I have to claim this sale on both Federal & state tax returns for 2022. But who is to provide me with the necessary completed forms for this sale? The lawyers, the new land owners, who ? Was looking around & it appears that form 1041 K-1 is the applicable form but maybe I am wrong. Either way Turbo-Tax has asked for the information from this form but I do not know what or where it is. Can you help me with this ?

AnnetteB6

If the land was held in a trust or an estate, then the sale will be reported on the tax return filed by the trust. Part of that tax return is the K-1 generated for each beneficiary of the trust, such as your wife.

You will need to have her K-1 from the trust in order to report the sale as part of your personal tax return. Contact the administrator of the trust to request the K-1 for your wife. If the tax return for the trust has not been filed yet, then the K-1 will not be available.

You may need to consider filing an extension for your personal return or filing an amended return after you receive the K-1 if it is not provided to you before the April tax deadline.

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