The Irrevocable Trust, located in State, bought and later
The Irrevocable Trust, located in Washington State, bought and later sold the vacant land. Profit is 37K (but not included expenses like Escro or Agents commission). Do we need to pay to government? How could we minimize this payment?
Tax question - a property is held by a irrevocable trust.
Tax question - a property is held by a irrevocable trust. The trust holds the property for 20 years. The trust sells the property and distributes the money received to the trust beneficiaries.Do those benefeciaries need to take that as a capital gains on their income tax? Or is that a clever way to distribute the proceeds to avoid the money being considered income for other purposes, say child support calculations?
Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1.
Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1. Complex Trust 2. 3 Beneficiaries 3. All Distributions of Principal & Interest are at Trustee's discretion 4. Trust Income comprised of Interest, Dividends & Capital Gains 5. 1041 Capital GainsTaxed at Trust Level 6. 2014 Distribution to Only 1 Beneficiary 7. Distribution Less than Total of Interest & Dividends, so 1041 K-1 reports only Interest & Dividends Questions Regarding MA Form 2 Reporting: 1. Does MA Trust Law follow the Fed, in that, CapitalGains are taxed at the Trust Level? 2. Schedule B/R - Beneficiary / Remainderman - For the 3 beneficiaries, how can this Form report Total Income, Percentage of Income & Percentage of Taxable Income, where Income & Principle Distributions can be made in anyamounts at anytime, to one or more beneficiaries and to the exclusion of one or more beneficiaries? 3. Should only the Distribution to the one beneficiary be reported as his Total Income? 4. Bottom of Form - Income Summary - Similar issues: Line 2 - Totalof Beneficiaries' Income - What amount should be reported here? Would it be only the Distribution to the one beneficiary? Line 2 - Total remaindermen's income - What amount should be reported here?
Sr Financial & Tax Consultant
Mom is alive but with dementia. Her house is in a trust and
Mom is alive but with dementia. Her house is in a trust and I just was given successor trustee rights so I can sell it to pay for her care. Question is, She lives in California in a care facility and I am out of state. On escrow paperwork, on the IRS formfor tax purposes, it wants the sellers name which I assume is the name of the trust, but then wants a mailing address. For tax reasons I want everything in California. Do I put the care facility address for her or a relative nearby? Or, do I put mine? Thebank where funds will be deposited will be set up in California.
Bachelor's Degree Equivalent
my name is***** have an elderlaw question concerning buying
Hi my name is***** have an elderlaw question concerning buying a house and having my 88 year old mother live with me. Her house is in a trust now. I have been told that it would be protected in a trust if she has to go into nursing home within 5 years. I wanted to sell it and have her live with us. I have been told we should not own the home- she should. Any insight?
JD, MBA, CFP, CRPS
Taxpayer died before taking her irs dist. , is there
Taxpayer died before taking her irs dist. for 2014, is there a tax consequence for that? trustee is paying for father's nursing home expenses from his trust, The trust has no income, just monies that have been contributes to it. Can the father claim thenursing home expenses on his 1040 for 2014 and coming years? Thank You, Fred
Sr Financial & Tax Consultant