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Capital loss 1041

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Level 3

I am doing a "one and done 1041". There was a capital loss of $53k on the sale of the house but when I calculated the return in Proconnect but it is only show an allowable $3k capital loss limitation. This is the final year return and the only one that will be filed. Shouldn't the beneficiaries receive the entire $53k loss? I checked the box that it was the final return.

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Level 3

Nevermind. I figured it out.

View solution in original post

4 Replies 4
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Level 3

Nevermind. I figured it out.

View solution in original post

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Level 15
share your "findings" Others will have this same OOPS!

ex-AllStar
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Level 11
Level 11

As @George4Tacks  said you should share your findings, but just in case your too busy I will put my answer. If the trust or estate's capital losses including any carryover capital losses exceed their capital gains on the final tax return, the excess capital loss up to the annual limit of $3000 is deducted on the Final Tax Return (Form 1041).

Any remaining capital loss will be the Unused Capital Loss Carryover and reported to the beneficiaries

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Level 11

Isn't it politically incorrect to use the expression "one and done" this week?

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