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
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It hasn't been 24 hours yet, but I already have a question
It hasn't been 24 hours yet, but I already have a question online. … read more
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Mr. Tax
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The daughter is a trustee U/W of her father. Daughter
Hi Barbara. The daughter is a trustee U/W of her father. Daughter recieved a 1099-B. The mom subsequent passes away and she is executrix of her mom's estate. The daughter also receives a 1099-B from t… read more
Barbara
Barbara
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Is a distribution or monies received as a trustee of a
Is a distribution or monies received as a trustee of a Revocable trust liable for tax personally to the trustee or does the tax burden stop with the trust itself? also, if tax returns have not been fi… read more
Lane
Lane
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We have an irrevocable family trust where my wife is both
We have an irrevocable family trust where my wife is both trustee and beneficiary. We are changing our stock allocation from 40% to 30%. As a result there will be capital gains when tg … read more
DK_CPA
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I am a member of a family irrevocable trust. Property in the
I am a member of a family irrevocable trust. Property in the 15 year old trust was sold the first of the year. I received $20000.The trustee will be having the tax done first of next year. He has told… read more
Lane
Lane
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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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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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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.
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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
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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
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
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I am a trustee of a trust. I am selling a home in the trust.
I am a trustee of a trust. I am selling a home in the trust. I have a daughter who will be 2 at the end of October. Can I set up a trust fund for my daughter with this money and henceforth not pay cap… read more
Mark Taylor
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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.
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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.
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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.
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We are selling our lake home that has never been rented. My
We are selling our lake home that has never been rented. My adult son has had his residence there 2 of the last 5 years. The home is owned in a family trust. I am the trustee (husband is deceased) and… read more
jgordosea
jgordosea
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My Father owned two stocks. He held those stocks in a Living
My Father owned two stocks. He held those stocks in a Living Trust. He died in 2013. When he received dividends on those stocks he reported them on his personal tax return under his social security nu… read more
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