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I'm the beneficiary of a trust which has no money only a
I'm the beneficiary of a trust which has no money only a house. Can I deduct the property taxes on the house on my personal income tax? … read more
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I have prepared the Form 8949 reporting the sale of a
I have prepared the Form 8949 reporting the sale of a estate's fractional interest in a house, the other fractional owners are the residual beneficiaries. Sales proceeds minus the (stepped up basis pl… read more
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Lane, Here is the situation: a QTIP has capital loss
Lane, Here is the situation: a QTIP has capital loss carryfwds. the QTIP terminated in 2017 due to the death of the beneficiary. As I understand, the QTIP assets become assets of the beneficary's esta… read more
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My question pertains to California Form 541. In year 2014
Hi, My question pertains to California Form 541. In year 2014 the trust incurred a NOL from a sale of property. The NOL rolled over to year 2015 and for year 2015 a final return was filed for the trus… read more
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For a California trust's final return there will be unused
For Barbara: For a California trust's final return there will be unused capital losses left over. All the beneficiaries are California resident individuals. The trust is administering a decedent's est… read more
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A Form 1041 is filed for a Credit Shelter Trust & shows a
A Form 1041 is filed for a Credit Shelter Trust & shows a loss on the Taxable Income line (Page 1, line 22). Is this loss carried forward?… read more
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I filed an initial 1041 estate return. There was 9,000 of
I filed an initial 1041 estate return. There was 9,000 of capital losses on stock sales. In 2016 I am filing the final 1041. Should the full 9,000 of capital losses be distributed via form k-1 or will… read more
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Decedent estate's final Form 1041 generated a NOL. The sole
Decedent estate's final Form 1041 generated a NOL. The sole beneficiary of decedent's estate is a Trust. The objective is to elect to carryforward the estate's final year NOL, transferring the NOL to … read more
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JD, CFP, MBA, CRPS
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On Form 1041 for my late mother's initial estate return,
On Form 1041 for my late mother's initial estate return, there is a $9,000 capital loss on the sale of her real estate, limited to $3,000 in the initial year. This is the last asset. Do I file a final… read more
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I am a tax professional. I am working on a trust return with
I am a tax professional. I am working on a trust return with depreciation on a residential rental. The program wants to pass this through to the beneficiaries which I think is right, but did not do th… read more
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You did not answer the question concerning allocation of
You did not answer the question concerning allocation of pass through final year's deductions.… read more
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How to handle loss for line 22, of $1302. Form 1041, for final
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If the estate sell property during the first and last year,
If the estate sell property during the first and last year, and this sale results in a loss, does the loss flow through to the beneficiaries as: 1. capital loss or 2. excess deductions on termination… read more
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I had rental property in a trust (Im the beneficiary) we have
I had rental property in a trust (I'm the beneficiary) we have suspended losses and the property sold at a substantial loss. The trust is now terminated what happens to the losses… read more
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I have a bypass trust which will recognize a capital loss this
I have a bypass trust which will recognize a capital loss this year. When the surviving spouse passes away, what will happen to the capital loss carryforward?… read more
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My Mother died in October of 2009....her tax free investments
My Mother died in October of 2009....her tax free investments showed a loss in 2008 that was jointly reported with my Father's tax return at that time....since then I have acquired a FEIN for her trus… read more
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I am trying to do the 1041 for my mothers estate myself. (Her
I am trying to do the 1041 for my mother's estate myself. (Her accountant wanted $7000 to do the 1041 and the NJ estate tax return). Having trouble with the capital loss carryover part. the estate had… read more
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on a final form 1041, we have very little income but legal
on a final form 1041, we have very little income but legal fees and executor fees for a loss of over $80,000. Can these losses be allocated to the beneficiaries on the final 1041 K1… read more
jgordosea
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