This is one that I will take to my accountant, but I was hoping someone could give me the basics (all disclaimers deemed given and understood):
My trust is selling a property and will make a capital gain. Let us say (for the sake of round figures) the gain is $100,000
My trust it's discretionary, not hybrid, has carried forward losses (not capital losses) of (let's say) $25,000.
We will need to distribute income at the end of the financial year. What are the steps we go through, and how does the loss affect the taxable gain? We have a low earner, a high earner and a child that we can distribute to.
My intent in asking this is to then apply it to my situation AND THEN SEEK PROFESSIONAL ADVICE. I want to be able to ask him better questions, is all.
My trust is selling a property and will make a capital gain. Let us say (for the sake of round figures) the gain is $100,000
My trust it's discretionary, not hybrid, has carried forward losses (not capital losses) of (let's say) $25,000.
We will need to distribute income at the end of the financial year. What are the steps we go through, and how does the loss affect the taxable gain? We have a low earner, a high earner and a child that we can distribute to.
My intent in asking this is to then apply it to my situation AND THEN SEEK PROFESSIONAL ADVICE. I want to be able to ask him better questions, is all.