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Get your taxes done using TurboTax
When a passive activity is distributed to beneficiaries, the PAL is attached to basis of that asset. The passive activity was sold. There is no remaining asset in the trust other than cash. Can't add basis to cash that was distributed. TT is reporting income from the trust (unrelated to the LLC -portfolio, etc.) and suspended losses. The PALs and capital losses flowing through the LLC simply evaporate- not offseting other trust income?
‎February 10, 2024
3:23 PM