You may report the annual payments as income to the family trust. In the Turbo Tax Business product, you report this by using the following steps. Go to income other income or loss>start next screen asks if there is any other income. Here you will say yes. Record it as an annual payment received from a sale of an asset and then the amount.

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Question

Sale of share portion of a camp in a Family Trust over time in annual payments. How do I show the annual payments?

Forum|Forum|1 year ago
January 14, 2025
1 reply
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No text available

DaveF1006

You may report the annual payments as income to the family trust. In the Turbo Tax Business product, you report this by using the following steps.

Go to income
other income or loss>start
next screen asks if there is any other income. Here you will say yes.
Record it as an annual payment received from a sale of an asset and then the amount.