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Trust (1041) incurred a loss in it's first year (2019). Can that loss be carried forward as a deduction (15b) in 2020?
In the 1st year of the Trust (created in 2019), we had a loss (due to home sale loss in final estate that we carried into the Trust). For 2020, the trust now has gains, can the 2019 loss be carried forward (on line 15b of the 1041) into 2020 to offset the gains? If so any special statement needed explaining the 2019 loss carryover?
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‎February 7, 2021
7:34 AM