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strongsilence
Level 10
January 29, 2021
Solved

Trust Capital Gains taxation

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.
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 am "Elevating with Intention!"
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4 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.
    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 am "Elevating with Intention!"
      Accountant-Man
      Accountant-Man
      Level 13
      January 29, 2021

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

      ** I am "Elevating with Intention!"
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