jasdlm Posted April 6, 2009 Report Share Posted April 6, 2009 Okay . . . I think I've done my homework, and I think I have this right, but it seems too good to be true, so I want to check. Client is Trustee for father's testamentary credit shelter trust. Mother died last year, so trust assets now distribute. There is a large loss (currently at $64,000) that has been carried forward on schedule D since before I started doing the return. (Using up at standard $3,000 per year). I think that my client, given that this is the final year of the trust, gets a Schedule A deduction equal to the unused portion of the loss carry-forward. Really? A $64,000 Schedule A deduction? This is the first 'final' fiduciary return I have done where there is a loss carryforward. Thanks. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 6, 2009 Report Share Posted April 6, 2009 The carryover loss actually goes to Schedule D. See Line 11 codes on the K-1. taxbilly Quote Link to comment Share on other sites More sharing options...
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