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THEOLDTAXLADY
Level 1
04-24-2021
09:14 AM
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GRANTOR TRUST ESTABLISHED IN 2017 WITH ONE ASSET (HOME). ASSET SOLD 2020 AND TRUST DISSOLVED. WHY WON'T PROGRAM ALLOW FOR TOTAL LOSS INSTEAD OF $3000 LOSS AS NO OTHER RETURNS WILL BE FILED?
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2 Comments 2
BobKamman
Level 15
04-24-2021
09:22 AM
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If it's a grantor trust it probably shouldn't be filing its own return anyway. If it's the grantor's home, the loss is not deductible, even only $3,000 of it. What's going on here? Looks like someone went to a seminar.
qbteachmt
Level 15
04-24-2021
03:59 PM
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"ALLOW FOR TOTAL LOSS"
Total? As in, nothing was even left to sell? Even the land disappeared?
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