02-12-2021 02:28 PM
1041 Program doesn't allow residence gain exclusion in 1099S entries.
3 Comments 3
02-12-2021 03:21 PM
Revocable living trust,, Grantor dies in 2020.
Was residence up to her death. Sold by trust.
Beleive it qualifies for exlcusion 121-1-(c)(3)(i) and furhter research support this treatment.
Thanks for reply.
02-12-2021 04:10 PM
If it was sold after her death, you would get stepped-up basis and it's unlikely there would be any gain after selling expenses.
There is no "-1" to Code Section 121, and there's no (c)(3). Maybe you're looking at Regulations.