How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas McJD Your Own Question
Thomas McJD
Thomas McJD, Tax Attorney
Category: Tax
Satisfied Customers: 6516
Experience:  Experienced Tax Attorney
19305272
Type Your Tax Question Here...
Thomas McJD is online now
A new question is answered every 9 seconds

is the law changing that allows beneficiaries to take the capital

Resolved Question:

is the law changing that allows beneficiaries to take the capital loss on a trust return in the final year of filing the trust?
Submitted: 5 years ago.
Category: Tax
Expert:  Thomas McJD replied 5 years ago.

Hello, I will be happy to assist you. After receiving your answer, and unless you have need for clarification, your accept (by clicking the green "accept" button) would be appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

To my knowledge, it has been the law for some time that capital losses may carryover to the beneficiaries during the final year of the trust (but not before).

 

Thus, there's no change in the law that I'm aware of -- it's been that way for some time.

 

 

I believe I have answered your question. As noted above, please let me know if you need clarification, and if not your accept would be appreciated. If you are a monthly subscriber, you must still click the "accept" button for me to receive credit for my work, but you will not be charged an additional fee.

 

If you later open a new question and would like my assistance, please begin the question with "To TMcJD...." This will ensure that only I answer the question.

 

_________________________________________________________________________________________________

 

Thank you for using JustAnswer. Your "accept" (by clicking the green "Accept" button) would be greatly appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

You understand that your use of or communication on this forum, in any and all ways, is intended for general informational purposes only and shall not constitute and/or be relied upon as legal advice or be construed as creating an attorney-client relationship. Further, you agree not to rely on anything I say as legal authority and where appropriate for your own protection will obtain appropriate legal and or tax advice with an attorney or other professional licensed to practice in the jurisdiction where your legal or other issue arises.

Thomas McJD and other Tax Specialists are ready to help you