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H
hogansd
Level 2
February 12, 2021
Question

1041 residence sale gain exclusion

  • February 12, 2021
  • 2 replies
  • 13 views

1041 Program doesn't allow residence gain exclusion in 1099S entries.

This topic has been closed for replies.

2 replies

BobKamman
BobKamman
Level 15
February 12, 2021

Trusts don't live in a primary residence.  They're a legal fiction.  Are you doing a return for an estate, a revocable living trust, or something else?

    H
    hogansdAuthor
    Level 2
    February 12, 2021

    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.

     

    BobKamman
    BobKamman
    Level 15
    February 12, 2021

    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.  

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