Capital Gains and Losses

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We recently sold a property that was in the family trust.
We recently sold a property that was in the family trust. This is part of my parents estate that I am a trustee and beneficiary. I've heard there's no taxes on estates under 11 million. Do we owe taxe… read more
Lane
Lane
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Doctoral Degree
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Thank you! This is the final year of my dad's Trust that I
Thank you! This is the final year of my dad's Trust that I have been trustee for. I told the tax preparer that this would be the final year of the Trust and I needed to have 2019 taxes to be the last.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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SECOND OPINION - My parent's home was an asset in their
SECOND OPINION - My parent's home was an asset in their Revocable Living Trust. They have now both passed away and as the Successor Trustee I sold the home in 2019. Did the cost basis of the home step… read more
Anne
Anne
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I closed my single LLC end of 2017. I had filed a schedule C
I closed my single LLC end of 2017. I had filed a schedule C for it one last time last year, when doing 2017 taxes. Now I will use my SSN and my name on schedule C. So when I do not use that EIN on sc… read more
Barbara
Barbara
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We have three PFICs, and after getting our return back, our
We have three PFICs, and after getting our return back, our account informed us this weekend he didn't understand them, and said to do the best we can - in a time crunch, can you help me fill out form… read more
taxmanrog
taxmanrog
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I am thinking about closing my LLC in NJ. I am single owner
Hello, I am thinking about closing my LLC in NJ. I am single owner and ever had any employees and operated only online. I checked with NJ and they just showed me a website where i can close it in a fe… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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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
Lev
Lev
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An individual "A" can appoint assets from a trust at any
An individual "A" can appoint assets from a trust at any time. The assets are in stocks. If he appoints a cash distribution the trustees will sell stock and incur the top cap gains rate as soon as the… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,024 satisfied customers
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
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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
PDtax
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Master's Degree
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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
Lev
Lev
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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
35,786 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
8,024 satisfied customers
My Father passed away in mid-2014 in California. I am the
My Father passed away in mid-2014 in California. I am the executor of his estate as well as a Co-Trustee (equally with my two brothers) of his Family Trust. My question surrounds the capital gains tre… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,024 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
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My sister put her house in San Francisco into a revocable
My sister put her house in San Francisco into a revocable trust in 2013. At that time it was worth $940k. The house was purchased 20 yrs ago for $300k. She died in November. I am the trustee. I am wor… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,024 satisfied customers
Residential property (not a primary residence) was placed in
Residential property (not a primary residence) was placed in trust. The grantor dies. The property is sold 5 years later for an amount cosiderably below the market value on the date of grantor's death… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,024 satisfied customers
I had an Irrevocable Trust that was funded with 1.4 million
I had an Irrevocable Trust that was funded with 1.4 million in shares of a communications company in 1994. When the company was sold in 1996, it tripled it's value. In the trust accountings, it shows … read more
Stephen G.
Stephen G.
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