The trustee should
have the 1041, including a Schedule D
, covering the sale of the land. If your inheritance
from the sale of the land, the line
from the 1041 Schedule D, and your percentage of the sale, should be sufficient to determine the relevant information. In general, if the inheritance you received last year (plus that received in the first 65 days of 2010, at the estate's option, per section 661(b)), were $60000, and the amount reported on line 4a of the 1041 K-1 were $58000, then the basis of the property
(probably the value at death) would have to be only $2000 divided by your share percentage. I don't know if that's realistic.
Perhaps you should request this be transferred to the Estate Law
category; but, if the is an estate, rather than a trust, and the trustee was appointed by the Court, the Court should still be monitoring the proceedings, and you can petition the Court for an accounting.
If it's a trust, it is definitely a question of Virginia law, and should be transferred to some other category.
If you are sure
the accounting is wrong, you can file your personal return
using what you believe to be the correct values, using form 8082.
Edited by Arthur Rubin on 3/23/2010 at 8:09 PM EST