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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Steve, What is the tax rate for 2010 on long term capital

Resolved Question:

Steve,

What is the tax rate for 2010 on long term capital gains for a trust? These gains would come from a sale of a farm in this year (no depreciable assets). The annual income from the farm is about $6,000 and it is distributed to the beneficiaries.

Thanks,
Phillip
Submitted: 6 years ago.
Category: Tax
Expert:  Stephen G. replied 6 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

Which Steve are you looking for?

Customer :

Sorry, I thought I was automatically reconnected to the person who helped me on my last trust tax question yesterday...

Stephen E. Grizey :

Do you know who that was?

Customer :

Steve Meyerson

Stephen E. Grizey :

ok, I'll see if we can find him

Customer :

Thank you...

Customer :

The system says it's waiting for "customer action," but there has been no answer to my question...

Expert:  MequonCPA replied 6 years ago.
Hi Phillip -

I was just advised of question. The long term capital gains rate for a trust is the same as for an individual. For federal purposes, the rate is capped at 15%.

If the trust remains in existence, capital gains are taxed at the trust level. If it is the final year of the trust, the gains will be passed through to the beneficiaries and the beneficiaries will be taxed on the gain.
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
MequonCPA and 2 other Tax Specialists are ready to help you

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