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#1
06-17-2004, 04:31 AM
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 Re: Net L-T loss with post-May 5, 2003 Gain "NickHoffman" <monica.h[at]juno.com> wrote: - quote - > My 1041 trust is carrying forward a $30K Net long-term loss,
Your question suggests you don't understand how trust> but the current year shows a $200 Net long-term gain > (post-May 5, 2003). > Does this gain just get absorbed into the loss or does the > beneficiary have to pay taxes on the $200 gain . . . or do I > have to keep track of it and account for the $200 > differently in the future? taxation works. For one thing, beneficiaries don't pay generally pay tax on capital gains within the trust. Are you otherwise preparing a 2003 return? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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06-17-2004, 03:53 AM
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| Re: Net L-T loss with post-May 5, 2003 Gain "NickHoffman" <monica.h[at]juno.com> wrote: - quote - > My 1041 trust is carrying forward a $30K Net long-term loss,
The 1041 for 2004 will apply the $200 gain to the carry-over> but the current year shows a $200 Net long-term gain > (post-May 5, 2003). > Does this gain just get absorbed into the loss or does the > beneficiary have to pay taxes on the $200 gain . . . or do I > have to keep track of it and account for the $200 > differently in the future? loss. No gains are distributed to the beneficiaries until the loss is used up. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
06-14-2004, 07:05 AM
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| Net L-T loss with post-May 5, 2003 Gain My 1041 trust is carrying forward a $30K Net long-term loss, but the current year shows a $200 Net long-term gain (post-May 5, 2003). Does this gain just get absorbed into the loss or does the beneficiary have to pay taxes on the $200 gain . . . or do I have to keep track of it and account for the $200 differently in the future? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 2003, gain, loss, net, postmay |
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