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.
We’re sorry for your loss
Unfortunately TurboTax does not support T3 Trust Income Tax returns, for a deceased person.
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?
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.
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.