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Where in the T1 final return do I enter the capital loss from making an election 164(6)?
I am filing a GRE trust return for a deceased person. It includes stock market capital losses. I am making an election 164(6) to transfer these losses to the deceased person's final T1 return in order to reduce its capital gains. I need to know where to enter the value for the loss on the T1 return.
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Troubleshooting
We’re sorry for your loss
Unfortunately TurboTax does not support T3 Trust Income Tax returns, for a deceased person.
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Troubleshooting
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You have a good question. I have the same one.
The frustration is so ironic when the tax seminar presenters spout out this great tax advice but no one actually knows how to do it.
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Troubleshooting
Here is how you would enter it in TurboTax Desktop.
You then can go to your T1 General and verify that 50% of the amount went to line 12700.
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Troubleshooting
The graphic does not reflect the orginal gain as reported at death. I would not override - merely enter on Schedle 3 a line item citing 164(6) election.