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  • 1.  Grantor Trust Question

    Posted 03-22-2021 02:13 PM
    Hi all,, Is the loss from a grantor trust reported on Other Income line of 1040 of the grantor? If not where? Thanks!

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    Mary Casola
    The Casola Group Ltd
    N. Bellmore NY
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  • 2.  RE: Grantor Trust Question

    Bronze Most Valuable Member
    Posted 03-22-2021 02:22 PM
    Mary

    The loss maintains the same character from where it comes from-the software should indicate this on the grantor letter??



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    Scott Sanders CPA
    GETTRY MARCUS CPA, PC
    Woodbury NY
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    Original Message


  • 3.  RE: Grantor Trust Question

    Platinum Most Valuable Member
    Posted 03-22-2021 02:41 PM

    Hi Mary

     

    I would think that it is not reported as from the grantor trust, but rather from the source of the loss...   , so it is is a Partnership loss, I would think it would be reported on Sch E ....

    A grantor trust is a disregarded entity....

     

     

    Let's see how others respond.

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     




    Original Message


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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.