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Trust in final year sold property at a loss, but Lacerte is taking $3,000 of that loss against trust income, and not passing it to beneficiaries. How do I correct this?

MBA_CA
Level 3
 
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George4Tacks
Level 15

If done properly, the $3,000 will be added back on page 2, Schedule B line 6. The loss will show up on the the K-1 as 11 C.

Look at your diagnostic - It is probably giving you a hint to move your distribution percentages from Required to Other


Here's wishing you many Happy Returns

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2 Comments 2
George4Tacks
Level 15

If done properly, the $3,000 will be added back on page 2, Schedule B line 6. The loss will show up on the the K-1 as 11 C.

Look at your diagnostic - It is probably giving you a hint to move your distribution percentages from Required to Other


Here's wishing you many Happy Returns
MBA_CA
Level 3

Thanks, George!

The $3,000 on the 1041 was confusing, but when I look at the Final Year deductions on 11C, the full loss is indeed going to the beneficiaries.  

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