Capital Gains and Losses

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I have acted for several years as a. I have acted for
I have acted for several years as a Trustee in Texas for a Special Needs Trust for a mentally challenged person in the State Supported Living Center. That person died in 2020 and I have submitted the income and expense statement to an accountant to do the 2020 income taxes, which he has done and shows a 185 dollar refund and issued a K-1 form for the trust beneficiary showing a long term capital gain of $39,672. The Trust ended on the beneficiary death, and the remainder of the trust funds $487,000 was to be distributed to tow ultimate beneficiaries on a formula basis which was done except I held back $16,000 to pay for any unforseen expenses and taxes if necessary. My question now is whether I need to pay taxes on the long term gain or do the ultimate beneficiaries owe that tax or how do I handle this matter. The impaired beneficiary does not have an estate or any probate type proceeding pending. My accountant seems to think I do not need to do anything, but I would like to get a second expert opinion. Thanks, ***** ***** … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,072 satisfied customers
I have set up a complex trust with my mother as the sole
I have set up a complex trust with my mother as the sole fiduciary. It is an irrevocable trust. The only activity in the trust for 2020 was the sale of a rental condominium. There was a $27,000 long t… read more
PDtax
PDtax
CPA firm owner
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An accountant has filed my moms final estate 1041 income tax
an accountant has filed my moms final estate 1041 income tax return for the estate. My question is if she had a piece of land and I was the beneficiary at the date of her death (11/1/2018) and we sold… read more
PDtax
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Do you handle irrevocable Trusts? A tax-deferred annuity
Second Opinion] Do you handle irrevocable Trusts? JA: What are the assets or property involved here? Customer: a tax-deferred annuity JA: Is there anything else you want the Accountant to know before … read more
Lev
Lev
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I'm a investor who made an investment in a private equity
I'm a investor who made an investment in a private equity fund. I invested $1000.00 on March 1 but by September, it was worth just $1.00, so I sold that investment realizing a $999.00 loss.I received … read more
Carter McBride
Carter McBride
LLM
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In a Form 1065 – Schedule - 4 it says: If the partnership
Hello: In a Form 1065 – Schedule B - 4 it says: If the partnership satisfies all four of the following conditions, Schedules L, M-1, and M-2 are not required. My LLC satisfies all four conditions for … read more
Carter McBride
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In Section L of the Schedule K-1, what is meant by
In Section L of the Schedule K-1, what is meant by "Beginning Capital Account" and "Current year new income".… read more
ALEX O
ALEX O
Partner O & G Tax
Master's Degree
5,721 satisfied customers
I have approx $1.4 mil tax losses distributed to me on K-1s.
I have approx $1.4 mil tax losses distributed to me on K-1s. I'm told this can only be used to offset capital gains. I do not have any potential capital gain opportunity. Is there anyway I can involve… read more
Lane
Lane
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Doctoral Degree
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I received a schedule K-1 from my parents trust showing $
I received a schedule K-1 from my parents trust showing $ 4,916 in capital loss carry over. Where is this entered on my 1040? … read more
DK_CPA
DK_CPA
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Master of Science in Accounting & Taxationb
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I'd like some help understanding IF, in a Living Trust the
I'd like some help understanding IF, in a Living Trust the Proceeds from the Sale of a Home ie (Capital Gains) to the Beneficiaries is a Reportable/Taxable event? … read more
Lev
Lev
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Bachelor's Degree Equivalent
42,072 satisfied customers
IS there a way to offset capital gains taxes from a business
IS there a way to offset capital gains taxes from a business loss on a K1. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
My K-1 form shows 565,000 in net -term capital gains. This
My K-1 form shows 565,000 in net long-term capital gains. This is from a partnership that closed in 2016. Do I have to pay tax on all the amount? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Re: Form 1041 Sch K-1 for Trust Can you help me understand
Re: Form 1041 Sch K-1 for TrustCan you help me understand what it means when someone receives Form 1041 Sch K-1 related to a trust of a deceased person? Does that mean the TRUST earned income and that… read more
Lev
Lev
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Bachelor's Degree Equivalent
42,072 satisfied customers
More questions, PDtax. Thank you for your help yesterday. Is
More questions, PDtax. Thank you for your help yesterday. Is the taxable income from line 22 on the estate's 1041 entered on line 4a on the K1 split 3 ways for the 3 beneficiaries? That would be a neg… read more
PDtax
PDtax
CPA firm owner
7,937 satisfied customers
My sister is the POA and executor for my mother's estate.
My sister is the POA and executor for my mother's estate. The trust sold a house in 2016 at a loss. The house was empty from 2012 when my mother died until the sale in 2016. We found out that the trus… read more
PDtax
PDtax
CPA firm owner
7,937 satisfied customers
I inherited a house when my mother passed away in 2012. The
I inherited a house when my mother passed away in 2012. The house sold in 2016 for less than the appraised fair market value in 2012 at the time my mother passed away. I want to take a capital loss on… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,072 satisfied customers
I'm working on my late mother's trust taxes (1041) and I
I'm working on my late mother's trust taxes (1041) and I don't quite understand how a capital loss is distributed to beneficiaries. With the sale of some mutual funds and her home there is a overall c… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,072 satisfied customers
I RECEIVED AT K-1 ON MY MOTHERS ESTATE, MY TOTAL AMOUNT WAS
I RECEIVED AT K-1 ON MY MOTHER'S ESTATE, MY TOTAL AMOUNT WAS $280,000 FROM THE SALE OF THE FARM LAND. ON THE K-1 LINE 4a I have a $71,500 net long-term calpital gain. Do I have any duduction to this g… read more
PhillipB EA
PhillipB EA
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