In the K-1 worksheet for each bene... this one if for one that has 3 benes  34-33-33%s

If the home was sold, I just enter directly on the Sch D, like a stock sale.

Perfect, Thank you!!!!

Home has not sold. DOD was 2023 and it is just now being listed. I thought I would put the home in as an asset for expense purposes????

Okay, I see that tooooooo. Thank you!!!

Is this a trust or estate  return?

"my first Trust tax return"

"Where do I enter the Home that was left to the estate"

The house is an asset, a Balance Sheet item. 1041 tax Sofware does not provide for a Balance Sheet/full accounting for estates and trusts.

Was it a Joint Living Trust? Are both Grantors/Beneficiaries still alive?

1041, Living Trust.

Yes, both Beneficiaries are still alive.

Mother died 7/5/2023 and the two siblings are the beneficiaries in the Living Trust paperwork.

We set up an EIN for the Trust and it does have interest income and Dividend income. I was thinking the home (that neither siblings wants) would be an Asset on the return until it sells.

I'm glad I found this post. I hope someone can help me too. I too am about to do my first trust return. Can someone tell me what all I need from the client to prepare the return? I know I'll need any income, assets etc., but do they provide a copy of the trust document with that information as well as other paperwork? All replies appreciated.

Yes, real estate tax deduction on the 1041.

So i found out it is a master trust for a farm. I would assume the same income information is required to file this type of trust return as is for a complex trust. Would i need a copy of the trust document as well?