Brainstrom
Level 4

 I have a new client who received a 1099-S for proceeds from selling a home she inherited years ago. She set up a Trust for the proceeds to go to with an EIN number but the 1099-S she received is in her Social Security number. My guess is that the selling title company should do a corrected 1099-s with the proceeds going to the Trust. Then a Trust tax return will need to be done. 

Do you agree or is there a way in the tax return(1040) that I can get around this? Right now it looks like she has a gain from the sell on her personal return.

 

Thank you

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