How do I file on the sale of farm land in a trust?

Forum|Forum|6 years ago
February 2, 2020
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DavidS127

You will need to file Form 1041, US Income Tax Return for Estates and Trusts to report the sale of farm land. You can use TurboTax Business to file the Form 1041 for the trust.

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knate

I have turbotax business but can't see under the income categories where I can record the sale of the land

MarkG5

This is the final year of the Revocable Living Trust. Grantors have passed. We sold farmland and made distributions to beneficiaries. As executor of trust, I'm concerned about where this is reported in the 1041 Trust Return. Isn't this treated as capital gains and therefore taxed as such. I wanted to pay tax in the trust. Please call me and advise.