peggysioux5 Posted February 26, 2016 Report Share Posted February 26, 2016 Taxpayer's mother had a revocable trust with her personal residence as an asset held in trust. Mother passed away in 2015. Trust reads that asset was to be disbursed to beneficiaries after Settlor's death. The closing statement for the sale of the residence lists the Living trust as the seller. Would a trust return need to be filed with K-1's to the beneficiaries showing the disbursement of the funds? I would have thought that the asset would have been disbursed to beneficiaries and then sold. The daughter stated that the property was put into her name so she could sell the property, but the closing statement shows differently. I would appreciate input on the correct handling. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 26, 2016 Report Share Posted February 26, 2016 Since it was set up that way, you should report it that way. Mom probably had her reasons for setting it up, which does not matter now. Quote Link to comment Share on other sites More sharing options...
peggysioux5 Posted February 27, 2016 Author Report Share Posted February 27, 2016 The trust stated that asset was to be split between the beneficiaries. My question is that being the asset was sold under the name of the trust rather than the beneficiaries, should a trust return be filed with K-1's to the beneficiaries showing the disbursement of the funds? Quote Link to comment Share on other sites More sharing options...
fredazcpa Posted February 27, 2016 Report Share Posted February 27, 2016 yes and you get to charge them for doing the trust return Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 27, 2016 Report Share Posted February 27, 2016 Yup, I've done three so far this year. Quote Link to comment Share on other sites More sharing options...
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