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- Re: Form 1041 K-1 final year deductions
Form 1041 K-1 final year deductions
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pat
Level 5
03-27-2023
09:23 AM
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I have a trust that is terminating that had rental property with prior year accumulated losses. When Lacerte created the 1041 K-1 for the beneficiary the losses released and came through as net operating losses under Box 11 and the beneficiary is being allowed to apply the loss in full without any passive loss limitations being applied. This does not appear to be correct and I wonder if another user knows if I should manually enter this amount as a passive loss and where that would be done? The beneficiary is another trust. TIA
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pat
Level 5
04-09-2023
12:32 PM
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Hi SJRCPA, thank you for your question. The property was not disposed it was transferred out to the beneficiary which is another trust.
