How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Financial Software
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Financial Software Question Here...
Lev is online now
A new question is answered every 9 seconds

1099- Do I have to report this Rite that was sold from my

Customer Question

1099-B
Do I have to report this Rite that was sold from my Mom's trust?
it was 1,007.00 and Rite took a loss. My Mom passed away in 2014.
Submitted: 8 months ago.
Category: Financial Software
Expert:  Lev replied 8 months ago.

Yes - you need to report that sale transaction.

If it was reported to you on form 1099B - you will use the same price reported by the broker.

You still need to know the basis .

For inherited assets - the basis is the fair market value at the time the decedent passed away.

You will need to use form 8949 to report the sale transaction - it will be attached to the income tax return for the trust.

Let me know if you need any help with reporting.

Customer: replied 8 months ago.
My husband and I used TaxACT to do our taxes. Can I use TaxAct to report under the trust #
via the same tool? thank you so much
Expert:  Lev replied 8 months ago.

Yes - you may use TaxAct - but to prepare the trust tax return - form 1041 - you woudl need to use mor eadvance eddition.

See here

https://www.taxact.com/individual-taxes/online/estates-and-trusts/

Be sure that you add form 8949 - specifically to report that transaction.

Related Financial Software Questions