k-1 sale of capital asset - lived there 2 of 5 years

Forum|Forum|5 years ago
March 30, 2021
7 replies
15 views

where do I enter sale of capital gain exclusion because client lived there 2 of 5 years?

On 1040 or 1041 form?

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

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.

qbteachmt

Level 15

K-1?

You seem to be asking about the personal residence exclusion. That's not a K-1 issue.

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M

misspat106Author

Level 2

RAPID REPLY - K-1 SHOWS NET SALE PROFIT - HOW DO I SHOW ON 1040?

FULL AMOUNT? OR K-1 AMOUNT?

qbteachmt

Level 15

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

sjrcpaAnswer

Level 15

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.

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