- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
where do I enter sale of capital gain exclusion because client lived there 2 of 5 years?
On 1040 or 1041 form?
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
K-1?
You seem to be asking about the personal residence exclusion. That's not a K-1 issue.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
RAPID REPLY - K-1 SHOWS NET SALE PROFIT - HOW DO I SHOW ON 1040?
FULL AMOUNT? OR K-1 AMOUNT?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Rapid Reply? What's that?
This is a topic you started on the internet; it's a Discussion forum.
A 1040 is a personal tax return, which doesn't have a K-1.
A 1041, for an estate, would have beneficiaries. If the Estate sold the property, that is different than the Owner who lived there, selling it.
Really, more details would be helpful. Thanks.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
CLIENT HAD TRUST ONLY WITH CONDO. SOLD = PROFIT $29,983.00 BUT LIVED THERE SEVERAL YEARS. ( 2O OF LAST 5. SO TRUST TRANSFERS GAIN TO HER 1040.
SO ON 1040, IT SHOWS NET PROFIT BECAUSE OF NET GAIN FROM K-1.
IT CARRIES TO SCH D - BUT I DON;T SEE WHERE TO TAKE THE EXCLUSION.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
WOOPS - 2 OF 5 YEARS
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Rapid reply was only a positive comment on your response to my question! A compliment!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If there is any exclusion to be had it would be at the trust level - depending on the type of trust and your client's rights with respect to the property. Since you have a trust K-1 with a taxable gain, it looks like your client pays tax on it.
The more I know the more I don’t know.
