colin3
New Member

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.

Troubleshooting

We’re sorry for your loss

Unfortunately TurboTax does not support T3 Trust Income Tax returns, for a deceased person.

https://turbotax.community.intuit.ca/replies/2647725

colin3
New Member

Troubleshooting

Dear Brenda.  Thank-you for your response.  I fear though that I did not pose my question clearly.  May I try again.  I am preparing both a T3 trust income tax return and a T1 return for a deceased.  I am only using TurboTax to prepare the T1  return.   The T3 return allows me to transfer and claim a capital loss on the T1 return by using the election 164(6), as per page 33 of the CRA T3 Trust Guide.  My question is where do I enter this number in TurboTax?  For example, can I enter it  in section 3 of schedule 3? Or is there a separate special line on which to enter it?
peddc
New Member

Troubleshooting

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.

Troubleshooting

I too have the same question and yet no response

Troubleshooting

Here is how you would enter it in TurboTax Desktop. 

Capitol Loss

 

TTD  Final Capitol Loss2TTD Final Capitol Loss2

 

You then can go to your T1 General and verify that 50% of the amount went to line 12700. 

MikeNice
New Member

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.