topic Can you deduct capital gains losses from a trust account against your current capital gains on your personel tax account? in Investors & landlords

Can you deduct capital gains losses from a trust account against your current capital gains on your personel tax account?

jeffd — Fri, 11 Dec 2020 18:27:32 GMT

I have capital gins losses on a trust account shared with my brothers when my mom died. I have capital gains on my personel taxes. Is there any way to use those losses from the trust account to offset my gains?

Re: Can you deduct capital gains losses from a trust account against your current capital gains on your personel tax account?

Anonymous_ — Fri, 11 Dec 2020 18:35:32 GMT

@jeffd wrote:
...Is there any way to use those losses from the trust account to offset my gains?

Does the trust file a Form 1041? Do you receive a K-1 from the trust?

Typically, a trust filing a Form 1041 will only pass through net capital losses when it terminates and files its final return.