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THEOLDTAXLADY
Level 2
April 24, 2021

SIMPLE TRUST

  • April 24, 2021
  • 2 replies
  • 8 views

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 replies

    BobKamman
    BobKamman
    Level 15
    April 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
      qbteachmt
      Level 15
      April 24, 2021

      "ALLOW FOR TOTAL LOSS"

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

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