Capital Gains and Losses

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Related Capital Gains and Losses Questions
I am unsure how to enter the capital gains from 1065 K1
I am unsure how to enter the capital gains from 1065 K1 distributions (cash) in excess of basis.… read more
emc011075
emc011075
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I have a Form 1041 in the final year with Net Capital Gains.
Second Opinion] Hello, I have a Form 1041 in the final year with Net Capital Gains. I understand that the Trust can distribute out gross capital gains and gross losses to the beneficiaries. How do you… read more
Lev
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For the final year of my late Mom's trust will capital gains
For the final year of my late Mom's trust will capital gains which aren't DNI continue to taxed on the trust's 1041? (Someone who isn't my CPA told me that all capital gains earned by the trust in its… read more
Dr. Fiona Chen
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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
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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
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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
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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
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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
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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
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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
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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
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Lane
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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
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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
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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
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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
8,212 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
44,875 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
44,875 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
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