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SIMPLE TRUST

THEOLDTAXLADY
Level 1

GRANTOR TRUST ESTABLISHED IN 2017 WITH ONE ASSET (HOME).  ASSET SOLD 2020 AND TRUST DISSOLVED.  WHY WON'T PROGRAM ALLOW FOR TOTAL LOSS INSTEAD OF $3000 LOSS AS NO OTHER RETURNS WILL BE FILED?

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2 Replies 2
BobKamman
Level 14

If it's a grantor trust it probably shouldn't be filing its own return anyway.  If it's the grantor's home, the loss is not deductible, even only $3,000 of it.  What's going on here?  Looks like someone went to a seminar.

qbteachmt
Level 15

"ALLOW FOR TOTAL LOSS"

Total? As in, nothing was even left to sell? Even the land disappeared?

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