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I'm working on my mom's estate 1041 and SK-1s. What do I do with the capital gain loss regarding the sale of her home? For both 1041 and SK-1s?

Forum|Forum|2 years ago
April 12, 2024
1 reply
0 views

I thought the capital gain loss would reduce any capital gains on her 1041, but instead this loss seems to be distributed to beneficiaries and their SK-1 (line 11, "final year deductions".
Is this correct? And, then, where would the SK-1 final year deductions get applied in beneficiary's 1040?

TurboTax Online

Best answer by M-MTax

On the final K-1, net capital losses are passed through to the beneficiaries. The beneficiaries can use their share on their 1040s in the same form........to offset capital gains they might have and then to use up to $3000 to offset other types of income.

M-MTaxAnswer

On the final K-1, net capital losses are passed through to the beneficiaries. The beneficiaries can use their share on their 1040s in the same form........to offset capital gains they might have and then to use up to $3000 to offset other types of income.