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April 1, 2025
Question

Long-term capital gain that is allocable to the beneficiaries

  • April 1, 2025
  • 1 reply
  • 0 views

I sold stock held in my Personal Asset trust.  I am the trustee and sole beneficiary of the trust.  I made a profit, and left the proceeds of the sale in the trust.  So I'm not sure if the proceeds have been "allocated", or not.

 

Business TurboTax aske me:

 

"Enter the portion of your long-term capital gain that is allocable to the beneficiaries"

 

Question:  What do I put down?  $0?  Or the full $ amount of the gain?

1 reply

April 3, 2025

Since the funds never left the trust, the gain on sale would not be allocated to you.

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