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My wife and I and my son want to set up a irrv. trust

Customer Question
We plan to transfer our...
We plan to transfer our assets into the trust. Should we get a EIN? Does the trust file a return for income ?
Submitted: 9 years ago.Category: Tax
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1/2/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Yes, if this is going to be an irrevocable trust than you need to get a EIN# XXXXX also file an income tax return for the trust if the gross income of the trust is $600 or more.

Link to information

http://www.irs.gov/instructions/i1041/ch01.html#d0e472

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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