Enter 30% share of an asset sale from a grantor trust

[carlyco80]

I have a 30% share in a Grantor Trust that sold a piece of land in 2025.  How do I enter my share in ProConnect?

[sjrcpa]

Dispositions. Schedule D/8949 non 1099-B transaction.

[Accountant-Man]

Why does one person own less than 100% of a grantor trust? Did the grantor die?

Then it becomes an Irrevocable trust.

[BobKamman]

@Accountant-Man  I was wondering about that too, but I couldn't think of any rule prohibiting multiple people from having a grantor trust.  Happens all the time with husband and wife, right?  But the 30% does seem odd.  

[Accountant-Man]

I ASSUME that H&W can jointly set up a grantor trust, but I am not sure. Since most GTs are ignored and no EIN is acquired and no 1041 is filed, any income goes on the 1040 anyway.

If H&W can do it, why not more than two, perhaps unmarried to each other, like 3 siblings? The problem is an investment account will only report one SSN, and then that person has to report 100% and Nominee out the others' shares. 

What a mess.

[BobKamman]

@Accountant-Man You obviously don't practice in a community-property state, where the living-trust paper mills churn out joint living trusts even when it's a mistake to combine separate property into them.  So every grantor trust I see, has two grantors.  I haven't seen any with three grantors, but I'm not in the part of the state where polygamy is still practiced.  

This question doesn't involve an investment account and nominee distributions, so that's a case for another day.  But there's no rule prohibiting a grantor trust from having an EIN.  And it's required, when the trustee is someone other than the grantor.  As when, the grantor is incapacitated.  I see that occasionally.  A 1041 is filed with nothing but a "grantor trust letter" in lieu of a K-1.  If there are three grantors, I don't see any problem with having three grantor trust letters.  

[Accountant-Man]

Correct, I don't know from community property or polygamy. But I have filed plenty of Grantor trust 1041s with EINs and happily use the "grantor trust letter."

[carlyco80]

Somehow the discussion got off on how one can have less than 100% of a grantor trust.  And doesn't really address my question.  Do I simply enter 30% of all the amounts, i.e. 30% of the sales prices, 30% of the cost, etc.?  Or is there a better way? TIA

[BobKamman]

What are the instructions in the Grantor Trust letter?