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Form 1041-Decedent's Estate-Can a 2020 loss be carried to 2021?

  • 1.  Form 1041-Decedent's Estate-Can a 2020 loss be carried to 2021?

    Posted 07-13-2022 11:41 AM
    Decedent passed away in 2020 and Form 1041 was filed. The income was from interest, dividends and capital gains. The only expenses were attorney and accounting fees. The taxable income was a LOSS of about $10,000. and there was no distribution to the beneficiary on the K-1.
    For the year 2021 which is the final year, income was from interest, dividends and capital gains and the expense was accounting fees.2021 had a net income of $1000. Can the loss from 2020 be carried over to 2021 and if so on what line of the 2021 Form 1041 would  we report this?
    Being that 2021 is the final year can the beneficiary on the 2021 K-1 get the benefit of the overall remaining loss?

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    Michael Bornstein
    CPA
    MICHAEL BORNSTEIN, CPA
    Dix Hills NY
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