SIMPLE TRUST

THEOLDTAXLADY · ‎04-24-2021

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?

BobKamman · ‎04-24-2021

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 · ‎04-24-2021

"ALLOW FOR TOTAL LOSS"

Total? As in, nothing was even left to sell? Even the land disappeared?

*******************************
Don't yell at us; we're volunteers

SIMPLE TRUST

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.