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January 19, 2025
Question

2024 1041 -treatment of reported loss in 1040prior to transferring rental property to trust b

  • January 19, 2025
  • 1 reply
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I need assistance how to treat accumulated losses on rental property in 1041 prior to transferring from revocable trust to irrevocable trust b (upon my husband death) with beneficiary being wife and grand children and the wife being trustee

 

1 reply

M-MTax
January 19, 2025

I need assistance 

 

You need professional assistance.

 

The basis is either a carryover basis which will include the accumulated losses OR the basis will be increased by the amount of accumulated passive losses.