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I'm in California I am executor of a trust who just sold the

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house in five months need...
I'm in California I am executor of a trust who just sold the house in five months need to know what forms I need to file before I disperse the funds from the house to all Who is entitled
Submitted: 1 year ago.Category: Tax
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Answered in 1 hour by:
4/5/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,143
Experience: Taxes, Immigration, Labor Relations
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You will report the sale transaction on form 8949 - and the gain or loss will be transferred to schedule D and eventually to form 1041.What we need to verify - if the property is inherited. If yes - there will be so-called stepped up basis equals to the fair market value at the time the decedent passed away. Thus - if the property is sold shortly after that - there will not likely be any gain - but may be a small loss because of selling expenses - and that loss will be passed to beneficiaries.Please be aware if the trust realized a loss or have unused deductible expenses- these are passed to beneficiaries on the FINAL tax return. Let me know if you need any help with reporting.
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