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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 41537
Experience:  Texas lawyer for 30 years in Estate law
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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: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year 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 1 year ago.
See Section III here on how to file. I appreciate the chance to help you tonight.Thanks again.