I have a client that has a K1 (1041) that has box 4a Net long-term capital gain of $24,000.00. Is there any things I can do to lessen the tax owed?

Forum|Forum|6 years ago
December 7, 2019
2 replies
10 views

My client owes several thousand dollars because of this distribution. Is there anything I can do to decrease the tax owed beyond good tax planning?

ProSeries Professional

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Best answer by IRonMaN

Sure there is, but it depends on how long of a potential prison sentence you and your client are willing to chance. But if you hate prison as much as I do, good tax planning is the answer and it is awfully hard to do once the year is over.

IRonMaNAnswer

Level 15

Sure there is, but it depends on how long of a potential prison sentence you and your client are willing to chance. But if you hate prison as much as I do, good tax planning is the answer and it is awfully hard to do once the year is over.

Slava Ukraini!

rbynaker

Level 13

It's too late this year, but next year he could tell the trustee not to write him a check. Personally I wouldn't mind too much paying $3,600 and getting to spend the rest.

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