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.
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Capital gains are corpus. They won't show up on a K-1 unless it is a final return.
Thank you. Yes it is final. My understanding was that the distribution amount - net sale proceed has to be reported on K-1. And why gross receipt on FTB K-1?
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