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S
strongsilence
Level 10
January 29, 2021
Solved

Trust Capital Gains taxation

  • January 29, 2021
  • 3 replies
  • 20 views

My 1041 for 2019 is taxing capital gains at ordinary income rates. (They are not distributed out to the beneficiaries.) Why does it assume ordinary treatment?  And how can I choose capital gains tax rates?

This topic has been closed for replies.
Best answer by Accountant-Man

How much is the LTCG income?

What does it say at the bottom of the Sch D? How much is taxed at 0%? 15%?

3 replies

sjrcpa
sjrcpa
Level 15
January 29, 2021

Short term?

How much other income is there?

The more I know the more I don’t know.
    S
    strongsilenceAuthor
    Level 10
    January 29, 2021

    It is Long Term.

    There is no other income.

    I don't do that many trusts but I do think ordinary income treatment is not correct.

    Accountant-Man
    Accountant-ManAnswer
    Level 13
    January 29, 2021

    How much is the LTCG income?

    What does it say at the bottom of the Sch D? How much is taxed at 0%? 15%?

    ** I'm still a champion... of the world! Even without The Lounge.
      Accountant-Man
      Accountant-Man
      Level 13
      January 29, 2021

      Strongsilence, you marked mine as the solution. Was it 0%, 15%, etc?

      ** I'm still a champion... of the world! Even without The Lounge.
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