Should I enter capital gains loss under long term or short term for a trust sale of a home?

Forum|Forum|3 years ago
March 17, 2023
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My husband's father passed in 2021 and his home was sold in the trust. A K-1 was issued and this is the first year we can use the capitol loss carryover. In TurboTax it's asking for the amount under short term or long term. I'm not sure where to put it.

TurboTax Online

Best answer by Anonymous_

You should be entering the K-1 in the K-1 section of the program and it appears as if you are entering it as the sale of a stock, bond, or mutual fund (i.e., wrong section).

If the trust had a capital loss carryover and you received a final K-1, there should be a figure on Line 11 of your K-1 with either a C or a D code.

@4obergland

Mike9241

inherited property is alway s long term and the word inherited should be available from the dropdown link for the date acquired.

Anonymous_Answer

Employee

You should be entering the K-1 in the K-1 section of the program and it appears as if you are entering it as the sale of a stock, bond, or mutual fund (i.e., wrong section).

If the trust had a capital loss carryover and you received a final K-1, there should be a figure on Line 11 of your K-1 with either a C or a D code.

@4obergland