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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 578
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

What ever happens to the carryover losses not used up in

Customer Question

for johnathan: What ever happens to the carryover losses not used up in full when an estate 1041 is final? I see that it was limited to $3,000 on the final return.
Submitted: 11 months ago.
Category: Tax
Expert:  Jonathan Tierney replied 11 months ago.

The carryover losses are reported on the beneficiary's K-1, box 11 as "Final year deductions" so the estate beneficiaries also inherit the carryover losses.