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Capital Gain Tax on decedent's home in trust

RPini
Level 1

Mother died and left her home (only) in trust to four beneficiaries.  Home was left empty and sold eleven months later (March 2021) at $80,000 above her date of death step-up basis for the home resulting in that amount in Capital Gain.  Will the trustee be required to file form 1041 to pay the capital gain tax for the home/estate before distribution of the proceeds from the home sale or can the capital gain tax be passed on and paid separately by the beneficiaries?  Depending on the answer, can this type of filing be done on Turbotax?

thank you

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IntuitBettyJo
Community Manager
Community Manager

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

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2 Replies 2
IntuitBettyJo
Community Manager
Community Manager

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

View solution in original post

garman22
Level 12
Level 12

typically it breaks down to the beneficiary level and they pay the tax on their own end.....

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