Capital Gains and Losses

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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
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
I have a tax question. We are finalizing my parents estate.
Hi: I have a tax question. We are finalizing my parents estate. There was a LPL Investment in a Trust and the bank is in the process of disbursing that to the beneficiaries. My question is will the be… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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My dad had put the house he owned into a trust. He did this
My dad had put the house he owned into a trust. He did this while still alive. He has since passed. The house was sold after he passed away. It sold for $135,000.00 in the state of CT. It was original… read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
I'm back. On April 5 in our conversation, you said that the
I'm back. On April 5 in our conversation, you said that the trust should "enter the capital loss on 1041 K-1, line 4a.....check the box on the form to show this is not the final K-1." I was thinking t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,094 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
Owner
Master's Degree
9,530 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
Owner
Master's Degree
9,530 satisfied customers
Parents had a living trust. I received partial funds do I
Parents had a living trust. I received partial funds do I have to pay state and federal taxes? … read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 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
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
My 2 sisters and I sold a house in 2016 that we inherited in
My 2 sisters and I sold a house in 2016 that we inherited in July 2012 when my mother passed away. There is a Capitol Loss from the appraised value of July 2012. Do my sisters and I just split the Cap… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,072 satisfied customers
The trust documents allows for the trust to pay taxes. The
The trust documents allows for the trust to pay taxes. The trustee at first indicated to me that the trust would pay taxes. After I've seen the trust accounting statement, I see that taxes are not bei… read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 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
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
The trustee wants to have my social security number in order
The trustee wants to have my social security number in order to make the distribution of proceeds from the sale of the only trust asset. He is not making the distribution until I give him my social se… read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
Property sale $720,000 Basis $380,000 Expenses est. $40,000
Property sale $720,000 Basis $380,000 Expenses est. $40,000 Property is in a trust with 3 daughters (not brother), court supervised agreement stipulates 50% of net sale proceeds is to be paid to broth… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,094 satisfied customers
I inherited a GST-exempt Trust in June 2008 when my mother
I inherited a GST-exempt Trust in June 2008 when my mother passed away. There is a house in the trust that was partly owned by my mother and partly owned by myself and my husband. When my mother passe… read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
The maker of a living revocable trust has passed. the
hello, the maker of a living revocable trust has passed. the beneficiaries, two children, are ready to split the trust into two individual trusts, a nontaxable event, as described by the financial adv… read more
levr
levr
Tax Advisor
Bachelor's Degree Equivalent
33,963 satisfied customers
Now that the house is sold the remaining proceeds from the
Now that the house is sold the remaining proceeds from the sale are getting put into a joint account held by my sister (who died) and myself. As the executor I've been instructed by the trust/will to … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,094 satisfied customers
A family trust will terminate and be distributed after the
A family trust will terminate and be distributed after the final taxes on the trust are paid/finalized. When the trust is distributed to the beneficiaries are they required to pay any taxes? Would thi… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
My brother and I are beneficiaries of an irrevocable trust
My brother and I are beneficiaries of an irrevocable trust that has a small income attached to several real estate investments. This year one of the properties was sold and the trust is going to be is… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
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