TP received a 1099's for a sale of a condo. The condo was in a living trust for an uncle to live in as long as he wanted. He could not afford the upkeep and moved out.
The trust was dissolved in Nov 2017. The condo was sold in Jan 2018. Taxpayer received the 1099-S. Does a separate 1041 return need to be filed or does the sale need to be reported on the TP's personal return?
Also, what about the basis? Is the basis the date when the trust was dissolved?
Thanks in Advance!
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The only thing that is really clear about your post is that there is no step up in basis on the dissolution of a trust.
Who put the property in the trust?
The only thing that is really clear about your post is that there is no step up in basis on the dissolution of a trust.
Who put the property in the trust?
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