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Lev, Tax Advisor
Category: Financial Software
Satisfied Customers: 29796
Experience:  Taxes, Immigration, Labor Relations
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1099- Do I have to report this Rite that was sold from my

Customer Question

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: 1 year ago.
Category: Financial Software
Expert:  Lev replied 1 year 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 1 year 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 1 year 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

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