Anthony G. asked
I live in California and sold my parents' home last year, which was in a trust, incurring a tax loss. I did not have enough income to file a return in April but filed a request for an extension until October 15th. Can I still recover the capital loss with no income, defer reporting the capital loss until I have sufficient income in another tax year, and do I need to file another extension?
December 29th, 2023
Erica J. answered
1. If the capital loss was realized by the trust, it is passed to beneficiaries only on the final ta...
December 29th, 2023
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