Question

I need to report the capital gains on the transfer of a share of a joint trust fund to another family member. How do I get to a schedule D?

Forum|Forum|5 years ago
April 21, 2021
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I need to fill out a Schedule D for long term capital gains on a family transfer of ownership of a trust fund. No official IRS documents were created. How do I get a schedule D to fill out?

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Mike9241

we need a lot more details of what transpired. without being able to see the trust document and knowing all the parties involved, it may not be possible to inform you how it needs to be handled for tax purposes. it's possible that what was done could be a gift which is not reported on form 1040 but if the value is over $15,000 a gift tax return would be required. it might not be reportable at all example a transfer between spouses.