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Level 1
June 7, 2019
Solved

Can I shift the loss in a revocable trust account to my personal benefit so that I can deduct the loss on my income tax return?

  • June 7, 2019
  • 1 reply
  • 8 views

My  wife and I are grantors and still alive.  I have reported past  trust income and capital gains by passing through to us on 1099s (B, INT and DIV).

    Best answer by Anonymous_

    "My  wife and I are grantors and still alive. "

    Grantor trusts are treated as disregarded entities for federal income tax purposes so you report items of income, gain/loss, deductions, credits, etc. on your federal individual income tax return.

    1 reply

    Level 15
    June 7, 2019

    "My  wife and I are grantors and still alive. "

    Grantor trusts are treated as disregarded entities for federal income tax purposes so you report items of income, gain/loss, deductions, credits, etc. on your federal individual income tax return.