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Question

What form should a trust use to show the sale of a farm?

Forum|Forum|2 years ago
December 5, 2023
1 reply
0 views

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TurboTax Online

Employee

What type of trust?

Non-grantor trusts typically report income and expenses on Form 1041.

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000285938

No offense, but if you have to ask which form should be used for a trust, you should be consulting with a local tax professional.

suem947622Author

No offense taken, I should have been more specific. This was land owned by a trust that was rented out to a farmer. I have previously used Sch E Supplemental Income., which flows it to the 1041. So, should I use Sch E for long term capital gain, or do I need to use Form 4797 Part III? thank you

Employee

Form 4797 to report the sale.

Are you using TurboTax Business? If so, the program should be able to walk you through the steps to input the sale.