I received a K-1 from a trust which I was a part of an inheritance. I am disabled, so I do not have any taxable income. It's showing in Box 11 D: $24,475. (Long-Term Capital Gains Loss) . When I amended my tax return my adjusted gross income went from $0 to -$3000. I was under the impression that I could use this loss for a future tax year when I have something taxable. For example, I have an investment account, and if I make a withdrawal in tax year 2026 and there is a tax on the capital gains then this would help lessen my tax burden. Am I correct? If so, how would I do that? Or is this something I don't even need to claim on this year's taxes?
Furthermore, my 11 year daughter also received the thing, but for $12,237. Do I need to file a tax return on her behalf, and do this carryover until she is legally able to work?
Thank you very much.
