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Updated over 1 year ago,
My mother inherited property with a basis of 25k and sold for 7M in 2022 - Tax help
The property was originally purchased in the 1940's. Mom and dad put the property in a bypass trust in the early 2000's and one feature of this type of trust is assets never get a stepped-up basis. Parents passed away 2 years ago so my 2 brothers and myself made the decision to take the proceeds from the sale and purchase 14 residential rental properties through a 1031 exchange. I am getting approximately 5-6k per month in rental income as my share but now taxes are coming due and I have not received a schedule K-1 (The bypass trust was put into an LLC years ago)
My bother who set things up hasn't been able to generate the K-1
So my question is how I can account for this this rental income which is from a corporation in my 1041?
Thanks, Allen