jlew1229
Level 3
04-22-2022
04:20 PM
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A testamentary trust was created in 2014. The Primary residence was part of the trust. It recently sold at a loss. Can the trust take this loss? or since it was the primary residence the loss is not allowed?
Thank you in advance for your help
Jacquie
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sjrcpa
Level 15
04-22-2022
04:24 PM
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When did the testator die?
How was the house being used between date of death and date of sale?
Ex-AllStar
jlew1229
Level 3
04-25-2022
11:17 AM
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Passed away in 2014. Spouse has been using it as a primary residence since then and up until the date of sale.
sjrcpa
Level 15
04-25-2022
11:19 AM
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No loss allowed since it was used personally by a beneficiary.
Ex-AllStar