Can long-term capital loss from a deceased person carry over to her trust?

Forum|Forum|6 years ago
May 31, 2019
3 replies
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My Mother died in 2013, and I used TurboTax Premier to prepare her 2013 tax return. After applying $3,000 of her long-term capital loss in 2013, she has over $60,000 carry-over remaining. I'm now using TurboTax Business to do the tax return for my Mother's Irrevocable Trust. Can any of her long-term capital loss carry-over be applied to her Trust?

TurboTax Business Windows

Best answer by Anonymous_

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Anonymous_Answer

Employee

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Anonymous_

Employee

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Sierra1028Author

I think I may have found the answer to my question. In IRS Publication 559 "Survivers, Executors, and Administrators", page 6 Deduction for Losses, it states, " You cannot deduct any unused net operating or capital loss on the estate's income tax return."

BCpilot

But the decedent’s final tax return can claim all of the carryover and even though I put the date of death and it’s the final return Turbotax does not apply more than 3,000. How can I get Turbotax to recognize a final return and take the full loss??

Anonymous_

Employee

BCpilot

Wrong!!! According to tax law all capital loss carryover can be taken in the decadents final tax return and Turbotax cannot figure it out!!! Very dissatisfied with this!!