Financial Software Questions? Ask IT Support for Answers ASAP
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.
Yes - you may use TaxAct - but to prepare the trust tax return - form 1041 - you woudl need to use mor eadvance eddition.
Be sure that you add form 8949 - specifically to report that transaction.