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Trust loss distribution
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Hiker285
Level 3
03-21-2024
04:57 PM
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When reading about trust losses, I'm told that losses stay in the trust until the trust is completed. I have rental losses and the software carried the losses to the next year for 2021 and 2022. In 2023, there was a slight amount of income and the software is now allowing losses of the depreciation and amortization that far exceed the slight income. Is this allowed?
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2 Comments 2
Jamierac
Level 4
03-22-2024
10:29 AM
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I am having the same issue. The losses stay in the trust until income uses them up or until the property is sold. However the K1's have no entries because of this unless I allocate the depreciation to the two K1 holders so it isnt retained in the trust. This is the only question I have. Can the K1's have depreciation deductions even though the losses can not be on the K1's until the property is sold?
Hiker285
Level 3
03-22-2024
10:37 AM
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That is what happened to me and it doesn't make since if losses stay in the trust. I was hoping someone could explain this. Perhaps it's a quirk in the software.
