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Irrevocable Trust

Level 2

Grandmother had Irrevocable Trust.  Only asset in Trust was her house.  She is now deceased.  Grandson is Executor and Sole Beneficiary.  He sold the house shortly after her death.  He paid past due expenses on her behalf with the proceeds and the rest went into a savings account till tax time.  Must I include the sale of the house in the Trust or can I somehow allow the Beneficiary to claim it on his return?  I feel it needs to be part of the Trust but would like another opinion.  This is all written in the Trust and the Will.  No questions on that.

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7 Replies 7
Level 15
Level 15

Closing docs and the 1099S have what name/SSN or EIN on them?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 15

And the savings account has what SSN/EIN?


ex-AllStar
Level 11

And what does the trust document say is supposed to happen to the house after the grandmother passes?  Likely options are:  House distributed to beneficiary or House sold and proceeds distributed to beneficiary.

Level 2

The 1099-S and the 1099-INT are both in Trust ID #.  I am checking to see specifically how the document reads.  

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Level 15

Then it sounds like you are going to be preparing a trust return.

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Level 2

I agree.  I don't know why I didn't figure that simple one out.  Thank you for your time.

Level 15

👍

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
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