Question
1041 Trust with sale of home
Greetings,
Working on the trust first time. Trust had only real property, it was sold and proceed has to be distributed to one beneficiary who is a fiduciary as well. Real property was a home of a grantor (mother) until death and a beneficiary (son) until the sale. I am reporting real property sale as home sale with a step up basis and for some reason IRS K-1 doesn't show any distribution amount and FTB K-1 shows distribution as gross proceed. Not sure if that's how K-1s should be. If someone has experience preparing 1041 for the trust that was grantor type until the death of the grantor, please help.
