topic Can long-term capital loss from a deceased person carry over to her trust? in Investors & landlords

Can long-term capital loss from a deceased person carry over to her trust?

ClydeA — Fri, 31 May 2019 23:49:32 GMT

My Mother died in 2013, and I used TurboTax Premier to prepare her 2013 tax return. After applying $3,000 of her long-term capital loss in 2013, she has over $60,000 carry-over remaining. I'm now using TurboTax Business to do the tax return for my Mother's Irrevocable Trust. Can any of her long-term capital loss carry-over be applied to her Trust?

Capital losses belong to the decedent. Capital losses inc...

Anonymous_ — Mon, 16 Dec 2024 14:43:15 GMT

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Anonymous_ — Mon, 16 Dec 2024 14:43:26 GMT

I think I may have found the answer to my question. In IR...

marie4478 — Fri, 31 May 2019 23:49:43 GMT

I think I may have found the answer to my question. In IRS Publication 559 "Survivers, Executors, and Administrators", page 6 Deduction for Losses, it states, " You cannot deduct any unused net operating or capital loss on the estate's income tax return."

Re: Capital losses belong to the decedent. Capital losses inc...

rennermr — Sun, 14 Mar 2021 19:54:52 GMT

How do you get Turbo Tax to enter all the longterm losses?

Re: Capital losses belong to the decedent. Capital losses inc...

PattiF — Sun, 14 Mar 2021 20:00:31 GMT

If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.

Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

Re: Capital losses belong to the decedent. Capital losses inc...

rennermr — Sun, 14 Mar 2021 20:16:08 GMT

I did that, but because date of death is 2020, the entire amount of capital losses should be taken, and TurboTax is only taking $3000. I 've tried everything I can think of, including overwriting the amount, but I am afraid it won't be accepted for e-file.

Re: Capital losses belong to the decedent. Capital losses inc...

Anonymous_ — Mon, 16 Dec 2024 14:43:41 GMT

Re: Capital losses belong to the decedent. Capital losses inc...

rennermr — Sun, 14 Mar 2021 21:32:32 GMT

Yes, I am preparing the final return 1040 for the decedent. It was my understanding that all capital losses may be taken on the final personal return 1040.

Re: Capital losses belong to the decedent. Capital losses inc...

Anonymous_ — Mon, 16 Dec 2024 14:43:55 GMT

Re: Can long-term capital loss from a deceased person carry over to her trust?

BCpilot — Wed, 08 Mar 2023 04:20:12 GMT

Wrong!!! According to tax law all capital loss carryover can be taken in the decadents final tax return and Turbotax cannot figure it out!!! Very dissatisfied with this!!

Re: I think I may have found the answer to my question. In IR...

BCpilot — Wed, 08 Mar 2023 04:23:47 GMT

But the decedent’s final tax return can claim all of the carryover and even though I put the date of death and it’s the final return Turbotax does not apply more than 3,000. How can I get Turbotax to recognize a final return and take the full loss??

Re: Capital losses belong to the decedent. Capital losses inc...

BCpilot — Wed, 08 Mar 2023 04:25:08 GMT

You are wrong!!! Check the tax code for final return!!

Re: Capital losses belong to the decedent. Capital losses inc...

BCpilot — Wed, 08 Mar 2023 04:25:44 GMT

This is wrong!!

Re: Capital losses belong to the decedent. Capital losses inc...

Anonymous_ — Mon, 16 Dec 2024 14:44:10 GMT

Re: I think I may have found the answer to my question. In IR...

Anonymous_ — Mon, 16 Dec 2024 14:44:24 GMT