William M. asked
As trustee of an irrevocable trust that came into being in 2014 upon my father's death, I have distributed $5000 each to 15 grandchildren in 2014 and 2015, and equal amounts to my father's 5 children in 2014. The trust has a short-term capital gains loss carryover from 2014 and 2015. I plan to terminate the trust this year and distribute the remaining assets equally to the 5 children. My questions are: 1) Do I distribute the capital gains loss carryover with the K1s to all 20 children and grandchildren, or just to the children since only their trust asset distribution amounts were affected by the capital gains loss? 2) Since there was no positive income earned by the trust, do I base the capital gains loss distribution on the amount of assets received from the trust by the beneficiaries?
July 19th, 2024
Amy J. answered
The short-term capital loss carryover should only be distributed to the residual legatees, which in ...
July 19th, 2024
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