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Question

Sold home held in trust with multiple beneficiaries to receive proceeds , who pays the step up basis capital gains .. is the trust responsible or beneficiaries ?

Forum|Forum|1 year ago
November 18, 2024
1 reply
0 views

Who needs to claim the income from the sale of the home in the trust and pay the taxes ?

Not A Product Question

The trust should specify that. Did the house sell for more than the stepped up basis? If it did then there is a gain and either the trust pays the tax or passes the gain through to the beneficiaries. Usually trusts pass gain through to the beneficiaries on their final returns.....but not always.

Thank you ! To “ pass the taxes through to beneficiaries “ so I just stipulate that on the trust tax return ?

To “ pass the taxes through to beneficiaries “ so I just stipulate that on the trust tax return ?

Yes, you will make a distribution and issue K-1s to the beneficiaries. I hope you're planning to use tax prep software to do the 1041.