How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 36946
Experience:  Texas lawyer for 30 years in Estate law
8534270
Type Your Estate Law Question Here...
RayAnswers is online now
A new question is answered every 9 seconds

Do you have to keep track of bills and disbursements and

Customer Question

do you have to keep track of bills and disbursements and report them to someone ie on the trust funds tax return
Submitted: 6 months ago.
Category: Estate Law
Expert:  RayAnswers replied 6 months ago.
Hi and welcome to JA Ray here to help you tonight. The fiduciary of a resident estate or trust uses the PA-41, Fiduciary Income TaxReturn, to report:•The income, deductions, gains,losses, etc. of the estate or trust;•The income that is either accumulated or held for future distribution ordistributed currently to the benefici-aries; and•Any income tax liability of the estateor trust. Here the bills and disbursements would not be reported unless say there is real property in the trust and deductions for say property taxes and any other deductions. The trustee may also need this information to file a yearly accounting if required by the trust terms here as well.
Expert:  RayAnswers replied 6 months ago.
See Section III here on how to file. http://www.revenue.pa.gov/FormsandPublications/PAPersonalIncomeTaxGuide/Documents/pitguide_chapter_14.pdf I appreciate the chance to help you tonight.Thanks again.

Related Estate Law Questions