Enter 30% share of an asset sale from a grantor trust

Forum|Forum|3 months ago
April 4, 2026
2 replies
10 views

I have a 30% share in a Grantor Trust that sold a piece of land in 2025. How do I enter my share in ProConnect?

ProConnect Tax

sjrcpa

Level 15

Dispositions. Schedule D/8949 non 1099-B transaction.

The more I know the more I don’t know.

Accountant-Man

Level 13

Why does one person own less than 100% of a grantor trust? Did the grantor die?

Then it becomes an Irrevocable trust.

** I'm still a champion... of the world! Even without The Lounge.

BobKamman

Level 15

@Accountant-Man I was wondering about that too, but I couldn't think of any rule prohibiting multiple people from having a grantor trust. Happens all the time with husband and wife, right? But the 30% does seem odd.

Accountant-Man

Level 13

I ASSUME that H&W can jointly set up a grantor trust, but I am not sure. Since most GTs are ignored and no EIN is acquired and no 1041 is filed, any income goes on the 1040 anyway.

If H&W can do it, why not more than two, perhaps unmarried to each other, like 3 siblings? The problem is an investment account will only report one SSN, and then that person has to report 100% and Nominee out the others' shares.

What a mess.

** I'm still a champion... of the world! Even without The Lounge.

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